Be mindful of divorce’s financial consequences

by | Mar 17, 2017

If you are not a Type A personality and are unsure of how to go about finalizing a divorce, the first step to prioritize is keeping track of your paperwork.

You’ll want to keep things updated and organized in order to save you time and a good bit of money.Consider keeping a to-do list of what needs to get signed, date/times of your appointments and the things you’re needing clarification.

We understand that legal terms and processes can get lost in translation and overwhelm you, so we encourage you to keep a detailed paper trail of all questions and concerns so that we can best help you make the right decisions. If you’re seeking legal assistance feel free to call us today to schedule an appointment.

However, too many women make the mistake of not following through on critical post-divorce actions that can have significant financial consequences. All too often, women tell us they just don’t know what they need to do.

 

Surprisingly, many of the post-divorce actions in your divorce decree don’t require legal representation, meaning your lawyer won’t be directing you or providing you with reminders. You and your ex-spouse will be responsible to get these things done.

 

That’s why we developed our Her Wealth “Moving On” checklist. It’s designed to be very thorough and to help you think through the next steps. Not all of these actions will apply in every case; its goal is to list all of the things you should consider, so nothing is missed.

 

The checklist is arranged into sections based on such things as division of property and executing the divorce decree; child-support; tax management; and estate-planning.

 

For example, when it comes to dividing property after a divorce, having properly written documents for the transfer of retirement assets is critical to making the transfer free from income tax. If your situation includes pension plans, you need to pay attention to the details related to the execution of the asset split, because the rules differ according to each plan’s regulations.

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Source: WTOP.com