If the settlement has not addressed the issue of paying the costs of divorce, establish a payment plan (include your budget) that is agreeable with your creditors. Make sure to transfer your retirement assets in accordance with any QDRO. Distribution from qualified plan possible without 10 percent penalty prior to age 59 1/2. Equal periodic (72+) payments from IRA prior to age 59 1/2 without penalities. Track the re-registration on retirement and investment assets (including partnerships). You want only your name on the accounts as soon as possible after the divorce documents are signed. Rewrite estate planning documents, include your personal will, trusts, Durable Power of Attorney, and your Directive to Physicians. Hire an investment manager to help you with your investment allocation, implementation and monitoring system. Request tax basis records on any investment or other asset you receive in your settlement from your former spouse or the appropriate broker. Handle this before -- or very soon after -- the divorce is finalized to avoid frustrating tax consequences. Assemble your tax returns (and supporting documentation) and keep them in a safe place for at least three years. Keep good financial records on the children's expenses. Child support changes over time, and you may be asked to provide this information at some point in the future. Monitor your career plan, including education and subsequent employment, with your career advisor.
Back to Suddenly Single main page.
Back to the MoneyLife main page.