My Divorce is Final - Now What?
After your divorce is finalized, you may find yourself wondering what the next step is. Whether your divorce was a high conflict or fairly peaceful experience, you still may feel lost when you get to the end. What should you do first? Do you have names or titles that need to be revised? Do you have retirement money you are supposed to be getting, but not sure how? Are you required to sell your home and not sure where to begin? What should you do next? The Financial Knot can help.
Take Things One Step at a Time
There are a lot of things to do following a divorce, and it is totally normal to feel overwhelmed. You may not know where to start, and problems could potentially arise if you skip something. The list of things you need to do will look different for everybody, but here are some suggestions:
- Take an inventory of the “To Do” items and make a list
- Start this with your marital settlement agreement to see the items you need to rename or re-title.
- Look at the processes that you need to get in motion. Does a Qualified Domestic Relations Order (QDRO) need to be in place? Contact your attorney to see whom you may want to use for the QDRO, as most attorneys do not offer this service.
- Other items common to every divorce are to check your credit report, have your estate planning documents and beneficiaries updated, and retitle assets such as your car or house. Be careful, as this can be trickier than you think!
- Pay for GOOD advice, as most people need assistance!
At The Financial Knot, we take a comprehensive approach to the divorce process by offering Post Divorce Transition Assistance. Part of our services includes each client getting a list of steps to take post-divorce. We are here to guide you through those next steps if necessary. Simple things, like creating a new budget, can sound like an insurmountable task at this point. Much less opening an IRA account to receive assets you’re entitled to. Do not be afraid to ask for help with these tasks during this time!
Do Not Be Afraid to Ask for Help
Maybe you have created your list, but you need some direction through these next steps. Reach out to the divorce professional that guided you through this process. Most likely, they can give you recommendations to the other professionals you will need to assist you in taking the next steps. Or, feel free to contact us! Whether you are in the beginning, middle, or ending stages of this process, we are here to help you. Take a minute to take a breath and see how far you have come. Continue to walk into your future one step at a time to complete the transition to your new normal.
Investment Advice offered through The Financial Knot, a registered investment advisor.