Learn crucial post-divorce tasks like organizing documents and managing finances. Understand the importance of legal procedures, expert advice, and co-parenting strategies. Avoid mistakes and ensure a smoother transition after divorce.
Maintain important documents for post-divorce matters like marriage certificates.
Update beneficiary information on retirement accounts to prevent undesired outcomes.
Seek professional advice for financial planning, tax implications, and emotional support after divorce.
Deep dives
Changes Needed After Divorce
Maintain and digitize important documents such as marriage and divorce certificates and tax returns. Update beneficiary information on retirement accounts to avoid undesired outcomes. Seek professional advice for financial planning, tax implications, and emotional support after divorce.
Dealing with Joint Debts and Credit
Ensure joint debts are addressed promptly, and remove your name from any joint debts or authorized credit cards. Maintain contact with lending institutions and provide updated address information to avoid collection issues or credit troubles.
Navigating Social Security and Retirement Benefits
Retain critical documents like marriage certificates for potential Social Security benefits as a former spouse. Update beneficiaries on retirement accounts to prevent unintended beneficiaries. Seek professional guidance to divide retirement accounts and understand tax implications.
Managing Health Insurance and Tax Obligations
Notify health insurance companies of changes post-divorce to avoid coverage lapses. Keep tax records for at least 7 years and update address information with the IRS. Track tax deadlines, especially those related to child deductions, to prevent conflicts and ensure compliance.
Seek Professional Help and Financial Advice
Engage in counseling and seek expert advice from professionals like accountants and financial planners to navigate post-divorce life. Plan for financial implications post-divorce, including taxes and potential financial adjustments. Attend support events like Co-parent Unscripted to enhance co-parenting skills and obtain resources for raising children in two households.
The Divorce process can be exhausting. It is easy to find yourself wanting to do nothing after the Final Judgment is granted. That is, unfortunately, a mistake that many people understandably make once they are divorced. There are at least 12 things you should make sure you take care of after your divorce. In this show, Todd and Leh discuss down each one that may apply to your situation.
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