Taking the Next Steps - Steps Three and Four

This is a continuation of an ongoing series on taking the next steps after a divorce.

Clients often wake up the morning after, expecting that everything will be different, just because the agreement has been signed. They are usually no more prepared to deal with the hands-on practical issues involved in dissolving their economic partnership the next day than they were when negotiations were still underway. They still need the help and support of their divorce team to move on.

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.

I generally recommend that clients continue any counseling from 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.

Debt

  • First, check on credit cards/student loans/debts – Ask yourself: have you removed all authorized users? Close out joint accounts or removed your spouse? Put new accounts in place? Changed address? Changed the account email? Changed on-line passcodes/account? 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?
  • Credit Report- Get a copy of your credit reports to verify that all accounts are closed/transferred as agreed. Monitor for unauthorized use of credit.

Income 

  • Next, ask yourself is there any 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?
    • Terminable – Start date? End date? Triggers? If possible, avoid child contingency.
    • Non-terminable – Start date? End date?
  • Child Support – When does it start? Where being paid? How paid?

​Again, ask yourself if an Income Deduction Order is required? Will a Child Support Collection Unit be involved?

Adrienne Grace, CDFAAdrienne Grace brings 30 years of financial advisory experience to clients in transition. Whether that transition is in marital status, household partners, job change or elder year planning, Adrienne's holistic approach to financial transition planning guides clients through prudent preparation as well as rebuilding. With a measured approach to growth and preservation of assets, Adrienne works closely with her clients to develop a sound, comprehensive plan, created for each individual in transition. Adrienne's focus is to help clients navigate their transition eliminating financial pitfalls.

Securities offered through Cadaret, Grant & Co., Inc., member FINRA/SIPC. Davis Financial and Cadaret, Grant & Co., Inc. are separate entities