So,
you are officially divorced! Have you
taken care of all of the "details"?
You ask, "what details"?
If you have recently finalized your divorce, there are important matters
that need to be addressed to wrap up your divorce. Just remember, details matter!
Now
that the divorce is complete you should review the following list of items that
should not be overlooked after your divorce:
1. Check all of your health, life,
disability, auto, home, insurance policies to make changes in coverage or name
different beneficiaries as might be appropriate.
2. Check all of your IRA's, SEP's, 401K's,
profit sharing, retirement accounts, or other retirement and/or pension plans
to make changes in coverage or name different beneficiaries as might be
appropriate.
3. As to medical insurance (COBRA)
coverage for yourself, or health care insurance coverage for your children
which is to be carried by your former spouse, you should follow through on
checking with the appropriate person to make sure that forms have been filled
out and that you or the children are properly covered.
4. If the Judgment of Divorce requires
your former spouse to maintain life insurance to secure any of the provisions
within the Judgment of Divorce, Michigan Law requires that you follow-up in writing
with the life insurance company. You
will be required to supply them with a copy of the Judgment of Divorce or a
letter outlining your former spouse's obligations under the terms of the
Judgment of Divorce, and clearly indicate that the policy is to be maintained
as required by the Judgment of Divorce.
Again, this must be done in writing, otherwise the insurance company may
be able to avoid their liability.
5. You should check the titles to all of
your property and make sure they correctly reflect your name as required by the
Judgment of Divorce. Or, you need to
sign any papers necessary to have your name removed from the title of property
as the Judgment of Divorce may require.
6. As to any pension, IRA, or other
retirement funds to which you are now entitled under the Judgment of Divorce,
you should make contact directly with the pension plan administrator to make
sure that the Judgment of Divorce has been complied with, and that the funds
have been appropriately transferred as the Judgment of Divorce requires.
7. If you have a Will, you need to review
it for appropriate revisions. If you do
not have a Will, now would be a good time to make one.
8. You need to review your tax withholding
and/or your estimate tax payments for any necessary adjustments which may need
to be made a result of funds you receive under the Judgment of Divorce, or to
reflect your new single status.
