A final divorce decree often contains timetables from which the judge based your financial obligations. This includes the transfer of property pursuant to a property division order and spousal support, or child support payment deadlines.
Keep note of transfer timeframes regarding the following property:
- The family home
- Title to other real estate
- Financial accounts
- Retirement benefits
- Personal property
Prior to your divorce, you and your spouse may have developed a comprehensive estate plan assuming joint rights to certain trust assets, documents automatically granting your spouse power of attorney, life insurance policies, and probate documents. After divorce, it is crucial for you and your former spouse to upate an estate plan that better reflects your intentions with regard to having your ex benefit from your new, separate estate. It may be necessary to retain a different estate planning attorney to avoid conflicts of interest.
Speak to your divorce attorney about the potential impact your divorce would have on prospects for future romance and possible opportunities for remarriage. For example, remarriage can terminate a spouse receiving maintenance or support payments right to further payments. Furthermore, an experienced estate planner can advise you about how minor children from your prior marriage would possibly complicate estate planning with a new spouse and stepchildren.
Circumstances for Modifications
Even though the judge enters a “final judgment” on the issue of your divorce, many issues certainly are not final. If the circumstances on which the court based its orders regarding property division, alimony and child custody and support substantially changed over time, you might find yourself back in court relitigating those issues in the light of the new circumstances.
Finally, one of the most jarring effects of a divorce is getting used to a different level of personal privacy, and your responsibility for maintaining and protecting said privacy. Try getting used to a mentality that puts your interests first instead of viewing your interests relative to that of your former spouse.
Take the following steps toward financial and persona independence after divorce:
- Change passwords to social media and online accounts
- Follow up with credit reporting to make sure your ex is no longer in a position to influence your creditworthiness
- Close joint financial accounts and open separate accounts
- Resolving outstanding bills and debts, possibly negotiating with financial institutions for a more manageable balance
- If you and your former spouse used one financial advisor and estate planner, start shopping for a new one so you can avoid potential conflicts of interest
Quality Legal Advice for Divorcees
The legal team at Thomas Logan Davis, Attorneys at Law, LLC has years of experience handling divorce issues and can guide you through the entire process. We will stick with you to the end to make sure you can hit the ground running on your new and independent life.
Schedule an appointment with one of our experienced attorneys by calling Thomas Logan Davis, Attorneys at Law, LLC at (205) 512-3331 or by contacting us online.