Divorce is a stressful and emotional process it can be a significant relief to finally receive your divorce decree. But, there are still loose ends you must tie up before your divorce is truly complete. A divorce decree will state who gets which assets; however, it is up to you and your ex-spouse to transfer these assets into proper ownership. Also, after your divorce, you may need to complete other tasks before you can start a new life as a single person.
Finalizing asset transfer after a divorce can be tedious but it guarantees your financial future. Your charlotte family law attorney can assist you with any tasks that have a legal component and can offer you legal guidance as you start a new life as a single person. Here are things you must do after your divorce is completed:
Update Your Accounts and Documents with a New Name
If you want to change your name after your divorce, you need to contact the Social Security Administration to get a social security card that shows your new name. Also, you may have to apply for a driver’s license with your new name and address if you have moved. Give your creditors a call and update your information. If you and your ex had joint bank accounts or credit cards, close these and open accounts in your new name. Switch automatic bills to your new accounts and change the passwords.
Transfer Titles and Deeds to Property
If you and your spouse owned the house and vehicles jointly, transfer the deed and titles into the appropriate name. If the court awarded the house to you, your ex must execute a Quit Claim to transfer the property into your name. Notify your mortgage company of the changes.
Moreover, change the titles of your vehicles into the name the divorce decree specifies. Then, call your loan and insurance companies to update ownership information. Make sure your name is eliminated from any loans that are not your responsibility anymore.
Other Important Considerations
If you were covered under your ex-spouse’s health insurance policy, apply for your own coverage. After your divorce, you also have to update your will and life insurance policies. Get a Qualified Domestic Relations Order and split retirement and pension plans as the divorce decree specifies. Although this can take months to complete, you should start the process right away in case your ex switches jobs or closes the account. You can get the Order with the assistance of a divorce attorney.