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Tasks for post-divorce life

After a divorce has been finalized, a former couple in Maryland may be very pleased. Divorce can be a process that many people find emotionally, financially and mentally draining. However, there are still some things exes will have to do after the divorce to ensure that they can fully go their separate ways.

One important task that individuals should complete after a divorce is to make sure that they update all of their beneficiary designations. If they should perish without having changed their beneficiaries, their ex-spouse could receive their benefits. Beneficiary designations should be updated on all retirement accounts, annuities, IRAs, life insurance policies as well as all transfer-on-death and pay-on-death brokerage and bank accounts.

While they are updating their beneficiary designations, newly divorced individuals should also go ahead and review their estate plans. It may necessary to have a new will and health and financial powers of attorney drafted. A new executor of the will may have to be appointed as well as a new trustee if the estate plan includes a trust.

Another issue that will have to be addressed after a divorce is joint expenses and debts. Expenses related to utilities, credits and more that were shared with an ex-spouse should no longer be in both names. All joint accounts should be closed. Otherwise, a divorced individual may be held responsible for the balances accrued by their ex-spouse.

A divorce attorney could advise a client about what steps should be taken to obtain fair divorce settlement terms. The attorney may draft the legal documents needed to divide certain assets, such as retirement accounts.

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