After you have finally made it through the divorce process and attend the final judgment hearing, the question often becomes, "Now what?". Once a divorce is finalized, there are still many things that need to be considered. The following are some, but certainly not all, examples:
1. Transferring of Assets - Often, parties come to an agreement regarding the division of assets and memorialize this in a written settlement agreement. This document often contemplates who will be receiving certain bank accounts and other assets, and how these transfers are to occur. In the "calm after the storm" it can be easy to forget that these actions need to occur – i.e. accounts divided and closed, personal property exchanged, and the like. This is important as deadlines by which these actions must be taken are often imposed in the written settlement agreements. Furthermore, when vehicles are jointly titled, but only one party is receiving the vehicle as part of the equitable distribution of the assets, it is vital to transfer title in order to ensure the non-recipient former spouse no longer remains liable as a co-owner of the vehicle. As the list of actions concerning distribution of assets can be lengthy, it is advisable to make a detailed "To-Do List" of all items that must be completed by you and/or your former spouse.
2. Taxes - Frequently, the settlement agreements entered into by parties will contemplate issues, including, but not limited to, child support, alimony, and liquidation of certain investments, that impact one or both parties' taxes. If a tax attorney and/or financial advisor was not consulted prior to the execution of a settlement agreement, it may be beneficial to meet with such experts to more accurately determine the tax effects set forth therein.
3. Estate Planning - It goes without saying that, after your divorce, you should meet with an estate planning attorney as soon as possible to address any estate planning issues that may have risen as a result of the dissolution of your marriage.
While the foregoing list is not exhaustive, as each divorce proceeding has its own set of unique circumstances, it is a helpful starting place. Be sure to consider, however, the implications and actions required by any settlement agreement entered into by you in a divorce proceeding.
For any family law questions, please contact Rebecca Palmer or any member of our Family Law Group.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.