Here are a few of the general issues that clients face post-divorce. Each case is different, and everyone may not need to deal with every item on the list. Some will need all; all will need some when taking the next steps post-divorce. Ask yourself these questions as you move through the divorce process.
I generally recommend that clients continue any counselling that occurred during the process until they feel they’ve turned the corner. Dealing with these issues may bring up some of the unresolved emotional issues of your divorce. You don’t have to do this alone! Your attorney may not wish to take this on, and you may be so sick of seeing him/her after the long divorce process that you’re fine with that! Or you may not wish to pay attorney fees to take care of most of this.
CDFAs are specially trained to deal with these issues, and can seamlessly step in to finish up what has been brought to a legal conclusion.
This is a continuation of an ongoing series on taking the next steps after a divorce.
A. Check Your Credit Cards, Student Loans, and Debts
Ask yourself: have you removed all authorized users? Close out joint accounts or removed you spouse? Put new accounts in place? Changed address? Changed the account email? Changed on-line passcodes and accounts? Closed out any accounts required by your divorce agreement? Payoff any accounts required by agreement? Do you know who is responsible for continuing payments of outstanding balances?
B. Credit Report- Get a copy of your credit reports to verify that all accounts are closed/transferred as agreed. Monitor them for unauthorized use of credit.
A. What about Spousal Maintenance? When does it start? Where is it being paid? How is it paid? Is an Income Deduction Order required? Will it be paid by direct deposit, or another way?
i. Terminable – Start date? End date? Triggers? If possible, avoid child contingency.
ii. Non-terminable – Start date? End date?
B. Child Support When does it start? Where is it being paid? How is it being paid? Again, ask yourself if an Income Deduction Order is required. Will a Child Support Collection Unit be involved?