You have finally reached an Agreement dealing with all the issues in your divorce case and the Marital Settlement Agreement has been signed.  Unfortunately you are not done and there are several issues that must be followed up on.

  1. Marital Home.  If one party is retaining the marital home, a Deed needs to be done transferring full ownership to the spouse keeping the property.
  2. Refinance.  If there is a mortgage held by both parties, the party retaining the property must refinance the mortgage in his/her own name.
  3. Automobiles.  Many times title needs to be transferred from one spouse to the other.
  4. Bank Accounts/Investment Accounts.  If the parties share joint accounts, they need to be closed, and the monies apportioned pursuant to the Agreement.
  5. Retirement Assets.  Since most retirement assets cannot be assigned without a proper Court Order, a Qualified Domestic Relations Order needs to be prepared to effectuate the transfer so as to avoid penalties and taxes.
  6. Dependency Exemption.  The general rule is that the Parent of Primary Residence is entitled to claim the exemption for the dependent children.  If the parties agree that the Non-Custodial Parent can claim the exemption, a Form 8332 will need to be filed with the Internal Revenue Service.
  7. Credit Cards.  Just as with joint bank accounts, any joint credit cards should be cancelled, and a new one issued in the individual name of each spouse.