Family Matters

I am divorced! Now what?

Divorce is a major life change that impacts you emotionally, financially, and legally. If you have recently finalized your divorce in New Jersey, it is important to remember that there are still critical steps that need to be taken to protect your rights, finances, and future. We recommend keeping the following tips in mind: 

1. Place your Final Judgment of Divorce and Marital Settlement Agreement in a safe location.
2. Make sure to calendar important deadlines set forth in the Marital Settlement Agreement. This can include timeframes for property transfers, listing properties for sale, the commencement of support payments, distributing personal property, and ensuring payments stemming from equitable distribution occur in a timely manner.
3. Update your name after your divorce if you have elected to resume your prior name. It is important to update your records with the Social Security Administration and the New Jersey Motor Vehicle Commission. You should also update your name with your employer, bank, and credit card companies, and change your name on your passport.
4. Start the process to divide any retirement accounts. This is commonly done by way of preparing a Qualified Domestic Relations Order (QDRO). It is very important that this process commence in a timely manner to ensure you receive your awarded share without issue. 
5. Update the beneficiaries for your life insurance policies, retirement assets, and transfer-on-death accounts.
6. Review your parenting time schedule and holiday parenting time schedule, and make a note of when you are exercising your parenting time. If your Marital Settlement Agreement includes vacation parenting time, be sure to take into consideration how much notice you need to provide to your co-parent with respect to exercising vacation parenting time. 
7. Update your estate plan. It is important that your Will, Power of Attorney, Healthcare Directive, and Guardian designations are revised to ensure your former spouse is precluded from further involvement in medical and/or financial decisions. 
8. Divide and close joint accounts or divide and remove a party’s name from a joint bank account in a timely manner. 

Finalizing your divorce is the beginning of your next chapter. Taking proactive steps now protects your financial stability and parental rights in the long term. If you have questions about modifying support, enforcing Marital Settlement Agreements, or protecting your assets post-divorce, please consider consulting with one of Obermayer’s experienced family law attorneys.

The information contained in this publication should not be construed as legal advice, is not a substitute for legal counsel, and should not be relied on as such. For legal advice or answers to specific questions, please contact one of our attorneys.