Actions to Take Once Your Divorce is Final

08/02/2010

 

ACTIONS TO TAKE ONCE YOUR DIVORCE IS FINAL

Many things are affected when your divorce becomes final. Whether you've decided to change your name, or you had health insurance under your ex-spouse's group employment insurance; below are suggestions to actions to take to update your records.

Health Insurance: If you had health insurance under your ex-spouse's group employment insurance, you have the right under federal law to convert your coverage into your name in accordance with COBRA. You have only thirty days, however, from the date the decree was signed to give notice to your ex-spouse's employer and insurance company that you are making that election. You must do so within the thirty-day period, or you may waive your ability to have this coverage.

Name and/or Address Change: If your address and/or your name has changed in the decree, contact the following agencies/companies to find out what you need to do to update your records:
-Social Security Administration
-Department of Public Safely; Driver's License Division
-Credit card companies
-Insurance: vehicle, home, life, etc.
-Internal Revenue Service
-Mortgage holders
-Utilities on your residence
-State licensing agencies

Child(ren): If there were any children in your case you should advise schools or day-care facilities if there are any changes of address or telephone numbers for either you or your ex-spouse so that both parents will continue to receive notices, mailings and reports. Additionally, you should notify schools or day-care facilities of any changes in the pick-up or drop-off schedule and whether there are any changes in who has authority to pick up your child(ren). Finally, if any of the events occur as set forth in your decree to require the notifications also listed in the decree (such as change of address or employment), you should make the required notifications immediately.

Retirement Account: If you were awarded a portion of a retirement plan, you will need to submit to the plan administrator the necessary qualified domestic relations order (QDRO) to transfer your portion into an account solely in your name. Once the QDRO has qualified with the plan requirements, the plan administrator will send certain documents directly to you.

Wills: You may want to consider having a new will prepared to make certain the people you want will receive properties owned by you in the event of your death. It is also important to note that because a will may not affect certain assets such as retirement plans, financial accounts and life insurance, you should contact the companies through whom you have those assets and sign whatever documents are required to change beneficiaries.