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Steps to take after a divorce has been finalized

On Behalf of | Apr 16, 2019 | Divorce

Kentucky residents who have recently finalized their divorce may feel a sense of relief. Despite wanting to get on with their new life, they need to properly divide up assets and take other steps in a timely fashion. Even though the divorce decree may be in their hands, there are still tasks to be accomplished.

All joints accounts will need to be split. If necessary, names will need to be removed from some accounts. Joint accounts may need to be closed, and then individual accounts can be opened. All non-retirement assets, like brokerage accounts or bank accounts, will need to be retitled.

Retirement accounts will also need to be split up. An attorney will usually use a qualified domestic relations order to accomplish this goal. When splitting an IRA, other forms are used.

Recently divorced individuals will also want to change the beneficiaries on their accounts if it is necessary. If they do not do this, their ex-spouse may be the one to receive the benefits from the accounts once the person dies. The beneficiary will need to be changed on life insurance policies, retirement accounts, IRA accounts and annuities. It is also necessary to look at certain brokerage and bank accounts and how they will be paid out in the case of a person’s death.

Shared expenses will also need to be addressed. Utilities, credit cards and other payments will need one of the individual’s names removed from the account. There should only be one authorized user left on each of these things.

A person who has gone through a divorce may benefit from the advice offered by a family law attorney. An attorney may provide legal help when it comes to dividing property and shared accounts. If children are involved, the attorney might help draw up visitation schedules and provide other practical help with custody issues.