Your divorce in California might have been finalized, but there’s still a few tasks you’ll have to complete to ensure that your finances and assets are completely separate. Otherwise, your former spouse might be entitled to a share of your assets and benefits. Here’s a rundown of what you should do after your divorce is finalized.
How can you separate your assets from your former spouse?
Once your divorce is finalized, your former spouse won’t be entitled to any of the assets mentioned in your will, even if you forget to update your will before you die. However, that doesn’t apply to certain assets like savings accounts and life insurance policies. If your former spouse is still named as the beneficiary, they’ll receive those assets after your death. Make sure you update the beneficiaries on your accounts as soon as possible.
You should also close any credit cards that you and your former spouse owned together. Otherwise, you might be on the hook for any debt that they accrue. If you still want to have a credit card, apply for a new one in your name only. Similarly, make sure you close any joint bank accounts that you had with your former spouse.
Finally, make sure you tell your employer about the divorce so they can update your tax information. You might also have to update your health insurance or life insurance policy. A divorce attorney could give you further advice on protecting yourself.
Do you still need an attorney after you get divorced?
For some people, the legal challenges don’t end after their divorce is finalized. An attorney could help you separate your assets, revise your will, choose new beneficiaries and complete other tasks that prevent your former spouse from taking advantage of you.