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Home Equity and Your Divorce: What You Need To Know
Marriage is an economic relationship as much as a social one. In a divorce, fairly dividing marital assets is one…
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Thomas A. Greenwald | September 24, 2014
It is important to notify the court, governmental agencies, your employer, and others of the changes that have occurred in your life due to the divorce. This may include a change in tax status, change of address, change in beneficiary designations, or a name change. It is also important that you organize your personal documents and make sure all transfers have taken place as required under the terms of your divorce decree. The consequences of not providing proper notice or failing to complete matters set forth in your divorce decree can have a significant negative impact on your future. If too much time has gone by the harm may be irreparable. Therefore, it is important to have a plan as you move toward the next chapter in your life.
Start by obtaining a certified copy of your divorce decree from your attorney. Depending on the number of transfers or the number of notices required in your case, you may want to obtain multiple certified copies of your divorce decree. In many cases it is less expensive and far easier to obtain certified copies of your divorce decree on the day your divorce is finalized as opposed to trying to obtain certified copies of your divorce decree at a later date.
Next, review your divorce decree carefully and make a list of all notices, transfers, and action items under the terms of the divorce decree. Identify the person responsible for each action item and provide a reasonable timeline for completion of each item.
Review and update personal information and provide timely notice of your tax status, your address, and name, if applicable as follows:
Finally, create a file for each transfer required to take place under the terms of your divorce decree (i.e., transfer of house, motor vehicle, financial account, retirement, etc.). Keep copies of call logs, notes, communications, and other information relevant to each transfer in a separate file. Maintain the file until the transfer is complete. Depending on the circumstances, your accountant or attorney may suggest that you retain the files for an extended period of time.
Divorce brings many changes and challenges and provides a chance for a new beginning. So, take control, get organized, and move confidently toward the future.
Tom Greenwald is an experienced trial lawyer with 30 years of family law experience. He has been named Best Lawyers© Family Law “Lawyer of the Year” in Dallas/Fort Worth by Best Lawyers and named “Best Lawyers in Dallas: Family Law,” by D Magazine six times, including 2022. Tom brings specialized expertise to complex divorces, including complex compensation structures, property division, dealing with private business interests, separate property claims, business valuation, and child custody. His goal is to help clients find efficient and constructive solutions that will enable them to save money and maintain good working relationships in the future.
To learn more, contact Tom Greenwald at (214) 473-9696.
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Home Equity and Your Divorce: What You Need To Know
Marriage is an economic relationship as much as a social one. In a divorce, fairly dividing marital assets is one…
Get Started Online
Save time and costs. Before your consultation, use our confidential online questionnaire to receive a personalized information pack in minutes.
Schedule a Consultation
Schedule an in-person or remote consultation with one of our experienced family lawyers by calling us or filling out the “contact us” form.