For people going through a divorce in New Jersey, the financial consequences and complications can be even more draining than the emotional and practical issues that arise at the end of a marriage. Even after the divorce settlement is finalized, there are a number of important tasks to keep in mind to ensure that financial issues are dealt with effectively following a divorce.
While the divorce agreement will contain the most important financial principles for post-divorce accounting, there are still some individual housekeeping items to keep up with. These can include simple tasks like changing emergency contact information with a variety of offices. More urgently, it can be important to quickly change beneficiary designations on one's insurance policies, pensions, retirement accounts and other investment vehicles to no longer name one's former spouse. Estate planning is another issue; existing wills, trusts and other documents may need to be updated in order to remove the former spouse as an heir. Credit cards are another post-divorce financial issue; joint cards will need to be cancelled, and each former spouse will need to establish credit in their own name.
Implementing the divorce settlement can involve some significant work. For example, one former spouse may need a court order to properly divide their retirement account under the terms of the divorce. Dealing with the marital home can also be a challenge, especially when the parties have agreed to sell the home and need to work together with a real estate agent.
The divorce process does not end when the settlement agreement is made. It can be important to continue to work with one's family law attorney and financial planner following a divorce in order to ensure that all of the loose ends are tied up and that both former spouses are better enabled to move forward for their own financial future.