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What To Do Next  YOUR DIVORCE DECREE IS ONLY THE BEGINNING
Keep in mind that the end of your marriage means that an old chapter in your life has ended and a new chapter is beginning. You should make sure that you tie up all of the loose ends and prepare for that new beginning. You should do, and we can help you with, the following:
CHANGE YOUR BENEFICIARY DESIGNATIONS Make sure that the beneficiaries listed on your bank accounts, pension plans, retirement accounts and life insurance policies reflect your new status. Remove your former spouse (unless there is a binding agreement or court order to do otherwise) and add your new beneficiary(ies). The financial institution, insurance company or pension plan administrator will pay your money to named beneficiary without regard to your divorce decree or settlement agreement. If you do not remove your former spouse, that is who will receive the money and your estate or your family will have to resort to litigation to recover those funds.
MAKE A WILL
If you have a will that names your former spouse as a beneficiary or personal representative, you should make a new will. While many property settlement agreements will include a waiver whereby your ex will not be entitled to claim against your will, some will not, some will not be clear, and the divorce court will not make that provision in its divorce orders or decrees. Don’t take a chance that the wrong person will receive your estate by leaving an old will in place.
If you have never had a will before, this may be a good time. If you die without a will, your estate will be distributed to your heirs based upon the law of intestate succession. This could result in someone receiving your estate that you don’t want to have it.
Either way, you should make sure to consider guardians and trustees for your minor children and appoint people you trust in the event of your death before your children are able to care for themselves.
EXECUTE A POWER OF ATTORNEYA properly executed power of attorney authorizes an agent named by you to do anything with your property that you could do yourself. Consequently, it is important to have a person you can trust as your designated agent.
You should revoke in writing any power of attorney which appointed your former spouse as your agent. If you don’t do this, he/she can continue to act under that power of attorney.
Remember, you are now single. That means there may not be anyone who is legally authorized to handle your affairs if, for some reason, you cannot. You should consider appointing someone you trust to act as your agent. A new power of attorney can designate a person and what powers or authority that person has with regard to you and your property.
QDRO’SYour divorce decree or agreement may require the transfer or assignment of pension or other retirement assets. This is usually accomplished by a Qualified Domestic Relations Order (QDRO). These orders are the product of the federal law ERISA and allow a local divorce court to direct almost any pension or retirement administrator to distribute benefits in a divorce or support matter.
If you are entitled to receive retirement assets by QDRO, it is important that the proper QDRO be prepared and submitted to the plan administrator as soon as possible (in fact, it is best if this is done before the divorce is final). Any delay could be risky because the plan administrator will pay the pension or retirement account based on the information it has at the time of payment. If it doesn’t have the QDRO, the plan administrator will not know about you or your right to receive funds from the plan.
If you are the party that is paying out the benefit, having the QDRO finalized is still a good idea. First of all, it may satisfy any obligation you have under the divorce agreement or order. In addition, you may find that your plan is frozen as a result of the divorce and only the QDRO can “unfreeze” it and allow you to make important changes to the account or the investments in the account.
DEEDS AND TITLESYou should make sure that all of the property distributed in the divorce is properly titled. A new deed from you and your spouse to you is the only way to transfer real estate. A properly executed vehicle title is the only way to transfer ownership of a motor vehicle. Having these documents properly prepared is an important step in finalizing the terms of any divorce agreement or order.
 REFINANCING
If you are no longer to be responsible for a mortgage or other debt, it is important to have your name removed from the debt. The best way to accomplish this is by the responsible party refinancing or obtaining your release. This should be required by the agreement or order and should be followed through.
PRE-NUPTIAL AGREEMENTIf you are contemplating remarriage you should seriously considering a pre-nuptial agreement. Such an agreement can provide for distribution of assets in the event of death or marital separation or divorce and can eliminate equitable distribution and alimony in the event of another divorce. They can be
customized to meet your needs in protecting your assets and your family from your first marriage.
THROW A PARTYThis may sound facetious, but you’ve been through a lot. People mourn the end of a marriage like they do a death. You should do it at your own pace. You should take care of yourself and get some therapy if you need it. Then you should celebrate.
Remember: living well is the best revenge.
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