Post Divorce Division of Other Assets and Liabilities

Here is a general guide to the various assets that need to be divided and simple instructions on the procedures for their division or transfer according to the terms of your decree.

1. Bank Accounts: Close joint accounts and open individual accounts, transferring the agreed-upon funds to each party’s new account.
2. Investment Accounts: Contact the brokerage or financial institution to transfer the appropriate shares to each party’s individual account, providing specific instructions to share the cost basis and any underlying tax implications (in kind transfers).
3. Vehicles: Complete the necessary paperwork to transfer the title with the motor vehicle departments and ensure the vehicle’s insurance is updated to reflect the new owner.
4. Personal Property: Arrange for the physical transfer of items, documenting the process for clarity.
5. Debts and Liabilities: Inform creditors of the division and ensure debts are transferred to the responsible party.

Here are some tips to help:

• Develop a comprehensive checklist of all assets and liabilities to ensure everything is accounted for.
• Keep detailed records of all communications, transfers, and changes to avoid future disputes.
• Engage with attorneys, financial advisors, and tax professionals to ensure compliance and optimal handling of the division.
• Regularly check the status of transfers and updates to ensure all actions are completed timely.
• Periodically review the status of asset and liability divisions to ensure everything remains accurate and up-to-date.

Estate planning after a divorce is another important step to ensure that your assets and wishes are accurately reflected in your new circumstances.