Going through a divorce and property settlement can without doubt be a laborious process. Once done however, there are a few more financial and legal steps you should take.
The following is a practical checklist of various legal and financial details you should consider changing once your divorce and property settlement is finalised.
1. Copy & File Important Documents:
- Retain copies of your divorce order and file the original in a safe place.
- Property Titles.
- Vehicle registrations.
- Insurance policies.
- Birth certificates.
2. Revert To Your Maiden Name
- If applicable, change back to your maiden name if you wish. Note, there is no legal requirement to do so if you want to maintain your married name.
Related Article: Changing Your Child’s Surname After Divorce
3. Update Vital Documents:
- Driver’s licence
- Private Health Insurance
- Bank cards
4. Property Ownership:
- Property Titles are transferred into the correct person’s name.
- Ensure the correct details are on the mortgage.
- If applicable ensure vehicles, registration and license plates are transferred into the correct name.
- Update house and contents insurance.
- Updated car insurance policies.
- Review health and life insurance.
- Disburse mutual funds held in joint bank accounts.
- Close all joint bank accounts.
- Prior to closing bank accounts notify companies authorised to direct debts of a change in banking details.
7. Update Your Will:
- Change the executor and beneficiaries of your will.
- Request to be removed as executor under your ex-partners will.
- Update your power of attorney.
Related Article: Marriage, Divorce and Wills: What You Need To Know
8. Notify Service Providers:
- Your children’s school.
- Family GP.
- Utility providers (water, electricity, water, internet etc.)
- Loyalty programs and memberships.
9. Update all your passwords:
- Social media accounts
- Share trading accounts etc.
The above is not an exhaustive list, however it is a good start on the legal and financial steps you need to take once your divorce and property settlement has taken place.
Note: This is general information advice only and does not constitute specific legal advice. If you would like further information in relation to this matter or other legal matters, please contact us on 03 9620 0088 or email firstname.lastname@example.org