For those getting divorced, it’s very easy to focus on the social and emotional sides of the split. While these things are important, it’s crucial to remember the legal side of the divorce, as well, and it comes with a lot of documentation. You don’t want to overlook anything, so consider the following examples of documents you may need:
1. Change of ownership forms that go along with your investments. If you’re saving for retirement, you want to make sure that you still have access to your funds — and that you’re the only one who does.
2. Beneficiary alteration forms. You probably listed your spouse as the beneficiary on your life insurance policy, and it is time to change it over to another relative, such as a sibling or a child.
3. A Qualified Domestic Relations Order, commonly known as a QDRO. This can be used if you get benefits — like a pension plan — from your employer. Your spouse may be entitled to a portion of those benefits.
4. Title change forms for your major assets. Things like your family home or your car may be in both of your names. Most couples either transfer these assets into just one person’s name or sell them off and divide the money.
5. Your will. This is perhaps the most important document to alter after a divorce, as you want to be sure the right people are given your estate when you pass away.
It can be tough to think about getting your finances in order at such an emotionally trying time, but it is important to know what changes have to be made in Massachusetts.
Source: The Vanguard Group, “Your Investing Life: Getting divorced,” accessed June 30, 2016