Post-Divorce Client Actions Checklist

Enhance customer service post-divorce by guiding clients through essential actions such as changing beneficiary designations, transferring titles, terminating joint accounts, managing digital assets, and more. Sandy Voit, a Certified Divorce Financial Analyst, shares valuable insights to help clients navigate the complexities of post-divorce responsibilities effectively.

• Divorce
• Financial Planning
• Client Services
• Beneficiary Designations
• Post-Divorce Checklist

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Uploaded on Oct 03, 2024 | 0 Views

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1. Sandy Voit, MS, EdS, LMHC, CDFA Tangible Solutions Kirkland, WA sandyvoit@gmail.com (206) 890-1174 ADFP - 10/15/19 Sandy Voit - sandyvoit@gmail.com - (206) 890-1174 1

2. Sandy Voit - Background Certified Divorce Financial Analyst over 480 divorces since 2007 Higher education administration for 27 years at 5 colleges and universities. (Including Financial Aid Director) Executive Director of large synagogue for 5 years ( my mid-life crisis ). ADFP - 10/15/19 Sandy Voit - sandyvoit@gmail.com - (206) 890-1174 2

3. Learning Objectives Enhance client customer service post- divorce. Identify actions clients must complete per their divorce agreement. Create a checklist for you to work with your clients. Create possible business and referrals post- divorce. ADFP - 10/15/19 Sandy Voit - sandyvoit@gmail.com - (206) 890-1174 3

4. Post-Divorce Actions for Clients 1. Change Beneficiary Designations 2. Complete Title Transfers 3. Terminate Joint Liabilities 4. Terminate Joint Accounts 5. Remove Permitted Access/Signing Authority 6. Change(s) of Address 7. Manage shared digital family accounts ADFP - 10/15/19 Sandy Voit - sandyvoit@gmail.com - (206) 890-1174 4

5. Post-Divorce Actions for Clients (cont) 8. Revise Estate Planning Documents 9. Change Employment-Based Benefits 10. Change Access Codes/Passwords 11. Change Locks / Location of Hidden Keys 12. Obtain Signatures of Ex-Spouse 13. Notify School(s) of Change(s) in Custody 14. Create Required Funding Arrangements 15. Monitor Credit Reports Post-Divorce ADFP - 10/15/19 Sandy Voit - sandyvoit@gmail.com - (206) 890-1174 5

6. Change Beneficiary Designations ERISA Qualified Plans (ONLY after the divorce is finalized, or with signed spousal approval before divorce) IRAs (all types) Deferred Compensation Plans Stock Option Plans Life Insurance Policies (if not used as security for support payments ) Accounts Paid to the Order of or Paid/Transferred at your Death to the Ex-Spouse (typically bank accounts) ADFP - 10/15/19 Sandy Voit - sandyvoit@gmail.com - (206) 890-1174 6

7. Title Transfers Residence Ownership Other Real Estate Ownership Vehicles / Boats / Trailers, etc. Stock or Equity Rights in a Business or Investment (make sure to get the original certificates) Brokerage Accounts Life Insurance (e.g., ex-spouse owns policy) ADFP - 10/15/19 Sandy Voit - sandyvoit@gmail.com - (206) 890-1174 7

8. Terminate Joint Liabilities Credit Cards (bank as well as stores) Line(s) of Credit, HELOC, etc. Personal Guarantees of Ex-Spouse s Liabilities (e.g., business interest) Mortgages (may not be permitted by the terms) Utilities Auto Insurance ADFP - 10/15/19 Sandy Voit - sandyvoit@gmail.com - (206) 890-1174 8

9. Terminate Joint Accounts NOTE: Change direct deposits to accounts as well as autopay for bills. Banking (i.e., checking, savings, etc.) (unless keeping for the benefit of the children ) Brokerage Safety Deposit Boxes Terminate Automatic Withdrawals (e.g. to ex- spouse s account or benefit) Ensure Zelle (Venmo/Remitly, etc.) deposits go to correct account ADFP - 10/15/19 Sandy Voit - sandyvoit@gmail.com - (206) 890-1174 9

10. Remove Permitted Access / Signing Authority Personal Banking (i.e., checking, savings, etc.) Business Payroll Service Business Checking Accounts Personal Brokerage Accounts ADFP - 10/15/19 Sandy Voit - sandyvoit@gmail.com - (206) 890-1174 10

11. Change of Address Both to Post Office and Each Party Below: IRS (i.e., tax returns and audits) - Use IRS Form 8822 Employer(s) Creditor, Bank, Brokerage, Retirement and Similar Mailings All Insurance Companies Drivers License Passport Military and Veterans Benefits Social Security ADFP - 10/15/19 Sandy Voit - sandyvoit@gmail.com - (206) 890-1174 11

12. Access to Digital/Family Accounts Amazon Prime Venmo Netflix Remitly Hulu Zelle iTunes Costco Kindle Some couples keep joint Kindle, Netflix, Costco, Prime accounts after divorce. Saves money. Downside is both see other s activities ADFP - 10/15/19 Sandy Voit - sandyvoit@gmail.com - (206) 890-1174 12

13. Revise Estate Planning Documents Will (especially if revoked by divorce under state law) Revocable Trust(s) Medical Directive or Healthcare Power of Attorney General Power of Attorney Decide whether to retain any Irrevocable Insurance Trusts which name ex-spouse as beneficiary If your relatives have named your ex-spouse in their documents, alert them to the need to make changes ADFP - 10/15/19 Sandy Voit - sandyvoit@gmail.com - (206) 890-1174 13

14. Employment-Based Enter a modification for any Employee Benefit Cafeteria Plan Life Insurance Health Insurance HSA FSA ADFP - 10/15/19 Sandy Voit - sandyvoit@gmail.com - (206) 890-1174 14

15. Other Insurances Long Term Care Insurance Disability Insurance Property & Casualty (e.g., auto, home, marine, umbrella) ADFP - 10/15/19 Sandy Voit - sandyvoit@gmail.com - (206) 890-1174 15

16. Change Access Codes/Passwords Internet Access (e.g., bank, brokerage) Credit, Debit and ATM Cards Frequent Flyer Accounts Email Accounts Any and all digital accounts Subscriptions (Netflix, Prime, Costco, etc.) Personal Safe ADFP - 10/15/19 Sandy Voit - sandyvoit@gmail.com - (206) 890-1174 16

17. Change Locks/Key Locations Personal Home Rental Properties Studio Apartments Vacation Home Office Vehicles/boats, etc. Personal Safe Safe Deposit Box Mailbox ADFP - 10/15/19 Sandy Voit - sandyvoit@gmail.com - (206) 890-1174 17

18. Obtain Signature of Ex-Spouse Resigning as an Officer or Director of any Business Signing over any Life Insurance, Long Term Care, Disability or Other Insurance Benefit To Permit any Continued Military or VA Benefits Relinquishment of any Rights to a Family Burial Plot ADFP - 10/15/19 Sandy Voit - sandyvoit@gmail.com - (206) 890-1174 18

19. Miscellaneous Notify the School of any Minor Children of any Changes in Custody Create Any Required Funding Arrangements Under the Divorce Decree (e.g., new trust, 529 Plan, etc.) Monitor Credit reports post-divorce to ensure that joint accounts are no longer being used. ADFP - 10/15/19 Sandy Voit - sandyvoit@gmail.com - (206) 890-1174 19

20. Feedback / Contact Info I am always seeking feedback to improve my presentation. Please let me know if you have any questions, comments and/or suggestions. Sandy Voit sandyvoit@gmail.com (206) 890-1174 ADFP - 10/15/19 Sandy Voit - sandyvoit@gmail.com - (206) 890-1174 20