Post-Divorce Planning: Practical Steps for Practitioners
September 21, 2017
Course Description: Following the conclusion of a divorce, even in the best of circumstances, the parties are typically worn out and frustrated with costly professional fees, yet in most instances significant and important practical steps remain to be taken. In many, perhaps most, divorces there are a range of administrative and follow up matters that should have been addressed in the divorce that were not and need to be addressed afterwards. Also, as the post-divorce client tries to get back on track financially, there are a host of steps that must be taken. This webinar will explore many of the steps that professional advisers should review with their post-divorce clients. The PowerPoint presented will help serve as a checklist of ideas. Points addressed will include: ► Change of Beneficiary Designations on ERISA Qualified Plans, which can only be addressed after the divorce is finalized, IRAs, etc. ►Title transfers on assets. ► Real estate ownership. ►Stock or equity rights in a business or investment (who has the original certificates). ►Life insurance (e.g., ex-spouse owns policy). ►Terminate joint liabilities (credit cards, lines of credit, utilities, etc.). ►Terminate joint accounts (and change direct deposits to these accounts) and terminate automatic withdrawals (e.g. to ex-spouse’s account or benefit). ►File a change of address and/or name change for (notice to post office and notice to the IRS (Form 8822), employer payroll and benefit plans, creditor, credit card, bank, brokerage and other financial accounts, passport, etc. ►Revise all estate planning documents (to the extent an ex-spouse is named). If relatives have named your ex-spouse in their documents, alert them to the need to make changes. ►Make changes in personal or employer-based insurance coverage that names ex-spouse if permitted by the divorce decree. ►Change access codes and passwords. ►Change the locks to and change the location of any hidden keys. ►Obtain signature of ex-spouse (resigning as officer or director of any business). There are no professional advancement credits (CPE, CLE, etc.) offered for viewing this webinar. Speakers: John J. Scroggin, Esq., and Martin M. Shenkman, Esq.