SO, YOU ARE DIVORCED: NOW WHAT? FINISH UP ALL OF THE NECESSARY PAPERWORK
Once you have your written Marital Settlement Agreement fully signed and executed, and especially, once you are divorced, there are often several steps still needed to comply with and implement the terms of any agreement or divorce decree.
What follows is a partial list of the items that you may need to check on and follow up with. Every situation is different, and some of the below items apply, some will not and some are not even listed.
The point of this exercise is to get your mind thinking about immediate implementation. Take a look at some items you should take into consideration.
Time Sensitive Items To Take Care Of
There are some items below that if you do not implement in a timely manner, could have severe financial consequences. These can include, getting retirement orders, often called QDROs, executed, filed with the Court, and sent to the relevant plan administrators.
Take a look below, cross off what does not apply and add whatever you need in order to move on, with freedom and open eyes, into the next stage of your life:
- U.S. Post Office
- Motor Vehicle Administration (MVA)
- Social Security Administration (SSA)
- Banks & Credit Card Companies
- Insurance Providers
- Health Insurance
- Auto Insurance
- Life Insurance
- Homeowners Insurance
- Medical Providers For The Children
- Schools Children Attend
- Collection Statute Expiration Date (CSED)
- Pension and Retirement Plan Administrators
Additionally, anyone else who needs to know each party’s new name (if any), home and employment addresses, home and employment email addresses, home and employment telephone numbers, and marital status should be contacted as well.
- Other titled property that is to be transferred
Other Changes To Take Into Consideration
Now that we have gone through contacting different organizations to update them of our new marital status its time to take a deeper look into other changes.
When a divorce settlement is signed and implemented now you have to consider the status of your assets. For example, will the family home be sold and how will the sale be divided? Take a look at our list below with more detailed information of other divorce paperwork that should be taken care of:
- Placing the family home on the market for sale if required.
- Refinancing the family home to implement a buyout.
- Changing/updating health insurance coverages.
- Timely electing COBRA or FEHB or other health insurance coverage.
- Timely filing TSP Form 13-6-C to implement a tax free rollover (or taxable distribution of TSP funds).
- Timely filing DFAS form DD-2656-10 to make a “deemed election” with respect to a Military Survivor Benefit Plan (“SBP”) annuity.
- Obtain appraisals of all required real and personal property that will be required for purposes of the MSA or the JAD.
- Immediately have QDROs processed through the Court and certified copies sent to Plan Administrators with respect to all pension and retirement plans that will be allocated between the parties per the MSA and/or the JAD.
- If QDROs will be delayed (or at any time after the client walks in your door for the first time), send a “Notice of Adverse Interest” to the Plan Administrators of all pension and retirement (and employer sponsored life insurance plans) required to be divided by the terms of the MSA or the JAD or by operation of law.
- Immediate preparation and entry of a Qualified Medical Child Support Order pursuant to 29 U.S.C.A. §1169 and 42 U.S.C.A. §1396.
- Modifying auto insurance coverage.
- Send documentation required to be sent to the other party by the MSA or the JAD.
- Paying debts that the client is required to pay.
- Changing the beneficiaries of, e.g. pension and retirement plans (and life insurance policies as well) that are not intended by the MSA or JAD to be transferred from one party to the other, especially as they pertain to survivor annuity beneficiaries that in most cases don’t survive the divorce unless addressed in a QDRO.
In Need Of A Divorce Lawyer?
Are you in the process of going through a divorce and unsure where to start with the process or are looking for legal representation? Or maybe you need help understanding what divorce paperwork you need to address. Contact the seasoned divorce professionals at SIEGALLAW. We are the leading figure in the Maryland family law community for over three decades. Contact us online to schedule a consultation or over the phone at (410) 792-2300.