November 27, 2021

Volume XI, Number 331

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I'm Divorced, Now What?

After you have finally made it through the divorce process and attend the final judgment hearing, the question often becomes, “Now what?”. Once a divorce is finalized, there are still many things that need to be considered. The following are some, but certainly not all, examples:

1. Transferring of Assets.  Often, parties come to an agreement regarding the division of assets and memorialize this in a written settlement agreement.  This document often contemplates who will be receiving certain bank accounts and other assets, and how these transfers are to occur.  In the “calm after the storm” it can be easy to forget that these actions need to occur – i.e. accounts divided and closed, personal property exchanged, and the like. This is important as deadlines by which these actions must be taken are often imposed in the written settlement agreements.  Furthermore, when vehicles are jointly titled, but only one party is receiving the vehicle as part of the equitable distribution of the assets, it is vital to transfer title in order to ensure the non-recipient former spouse no longer remains liable as a co-owner of the vehicle.  As the list of actions concerning distribution of assets can be lengthy, it is advisable to make a detailed “To-Do List” of all items that must be completed by you and/or your former spouse.

2. Taxes. Frequently, the settlement agreements entered into by parties will contemplate issues, including, but not limited to, child support, alimony, and liquidation of certain investments, that impact one or both parties’ taxes.  If a tax attorney and/or financial advisor was not consulted prior to the execution of a settlement agreement, it may be beneficial to meet with such experts to more accurately determine the tax effects set forth therein.

3. Estate Planning. It goes without saying that, after your divorce, you should meet with an estate planning attorney as soon as possible to address any estate planning issues that may have risen as a result of the dissolution of your marriage.

While the foregoing list is not exhaustive, as each divorce proceeding has its own set of unique circumstances, it is a helpful starting place.  Be sure to consider, however, the implications and actions required by any settlement agreement entered into by you in a divorce proceeding.

©Lowndes, Drosdick, Doster, Kantor & Reed, PA, 2021. All rights reserved.National Law Review, Volume II, Number 362
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About this Author

Rebecca Palmer, Family, Marital Attorney, Lowndes, law firm
Partner

Rebecca Palmer leads the Family & Marital Law practice. She has a broad background in providing alternative dispute resolution, general litigation, and collaborative law issues for domestic disputes for nineteen years. Rebecca's matters range from pre-marital agreements, divorce, and adoptions to difficult dissolutions, complex financial issues and custody cases. A Supreme Court Certified Family Mediator, she is experienced in all methods of case resolution, including mediation, arbitration, facilitation and negotiations to serve individuals as well as businesses.

Rebecca...

407-418-6472
Crystal Espinosa Buit, Family Law attorney, Lowndes Drosdick Law firm
Associate

Crystal Espinosa Buit is an associate in the Family and Marital Law practice, devoted to family law matters including dissolution of marriage, child support, child custody, alimony and family law litigation involving complex financial and parenting issues. Crystal also works in the firm’s burgeoning eDiscovery practice.

407-418-6315
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