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Tips for how to wrap up paperwork after a divorce

On Behalf of | Apr 16, 2019 | Divorce

Changing names, changing passwords and revising estate plans are among the tasks that may still await some people in North Carolina after they get a divorce. People might need to revise their wills or trusts, change their beneficiary designations and get new powers of attorney.

The couple may have agreed to divide property during the divorce, but some of that property would still need to be retitled. A quit claim deed is a document that can be used to remove an ex-spouse from the title of a home, and refinancing can take the spouse off the mortgage. Vehicles and other assets might also require retitling. A qualified domestic relations order is prepared by an attorney and sent to the plan administrator for dividing non-IRA retirement accounts. IRAs usually have their own rules associated with their division. People may want to roll retirement account distributions from divorce into a new account.

Any joint bank accounts, utilities and other accounts that are in both names should be closed or changed and individual accounts opened in their place. Ex-spouses should be taken off any accounts on which they are authorized users. Medical insurance, auto insurance and other types of insurance may also need to be changed.

Some spouses still have lingering financial ties after the divorce is final. For example, a couple might have agreed that they will continue to co-own a house or business and sell it in a few years after the market improves. Co-parenting can keep some parents in close contact for years, but others prefer to keep contact minimal and use apps and other tools to communicate about scheduling, visitation and other child-related issues. An attorney may help parents work out these issues during the divorce and work to ensure that things proceed smoothly after the split is final.

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