Divorce: Post-Divorce Checklist

  • 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.
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