Elder Planning & Facilitation 

Elder Mediation
 
Divorce & Custody Mediation
 
Post Divorce & Custody
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One  Issue One Hour Mediation sm  

Far too many divorced people believe that the divorce process ends with the slamming of the judges’ gavel. Not true, there are loose legal and financial ends that must be tied up. Have you protected your legal and financial future by making sure all necessary legal and financial logistics have been taken care of? Here are 6 things you must take care of  post divorce.

1. Aging Planning: Now that you are single it is not clear cut as to who will make health care decisions if you become incapacitated.  Draft a new health care power of attorney and living will. Look into long term care insurance as well as disability insurance.

2. Retirement Planning: Review 401(k) plans, pension plans and other retirement accounts. Speak to the plan administrator, CPA or a financial planner to obtain advice regarding implementing a new retirement strategy. A plan which was suitable for a couple may not be suitable for individuals.

3. Investment Planning: It is likely that investments have been distributed during the divorce process. It is vital that sound investment decisions are made. Do not hesitate to obtain the services of a professional to be sure your new investments are in your best interest. If you received a cash settlement, be sure to invest wisely.  

4. Estate Planning: Review advanced directives; health care power of attorney and living wills as well as wills and trust you may have made with former spouse. Make necessary changes not only to the beneficiaries, but to the power of attorney. If you do not have these documents in place, do so immediately

5. Joint accounts; close all accounts that were held jointly with your former spouse.  This includes bank accounts, credit cards and investment accounts.

6. Review Divorce Agreement and Court Orders: Although you understood the terms of the divorce, reread the agreement and or court orders to make sure you are in compliance with all directives. For example, if a division of household furnishing was ordered, divide them. Failure to comply with orders can result in a finding of contempt.

While this list may seem somewhat cumbersome, it is imperative to take these steps to make sure you are legally and financially protected.