A marital breakup can understandably be challenging to navigate. For this reason, finally coming to an agreement on matters such as property division and achieving a divorce settlement is a major reason to celebrate. However, a few moves are important to make even after the divorce has been finalized in Pennsylvania.
First, dividing retirement plans based on the divorce settlement agreement’s terms is an important task. Dividing a 401(k) or a pension plan, but not an IRA, will require a QDRO, or Qualified Domestic Relations Order, from the court. This document will provide plan administrators with instructions for paying out the proper benefits.
Second, taking measures to make sure that the proper child support and/or alimony is received is critical. A divorce agreement spells out what one spouse should pay the other one. Unfortunately, the spouses who are supposed to make payments do not always honor such obligations. Perhaps arranging automatic transfers from the bank account of the spouse who should be making payments might help to guarantee that the proper payments are received.
Finally, a divorced couple may have agreed to sell the home and then divided the proceeds. Alternatively, they might have agreed for one party to keep the house and simply refinance the home mortgage in his or her name alone. The sooner these steps are performed according to the divorce agreement, the sooner the couple can move on with their individual lives. An attorney in Pennsylvania can provide the guidance necessary for successfully navigating property division and the other critical aspects of divorce.
Source: forbes.com, “A Checklist To Help You Manage Post-Divorce Finances“, Jeff Landers, Feb. 12, 2018