For people divorcing late in life, there is a lot of work to do after the decree is signed and the smart people do it quickly.
For people over the age of 50, there is less time to rebound from the financial punch of splitting up assets and it's imperative that each party immediately enact the terms of the decree.
401(k) splits: Immediately follow-up with your lawyer to be sure the plan administrator has accepted the terms of the divorce order. Set up an IRA as a destination for the assets. You'll need to speak with the plan administrator about the procedure for transferring assets.
Contact a financial advisor
If this isn't handled promptly, it's possible that the balances will decrease, if that happens you'll have less money to transfer.
Life Insurance: Change beneficiaries, if not otherwise specified in the divorce decree.
Taxes: Meet with a tax professional immediately to find out any implications of your new tax status. Bring your previous year return.
Social Security: Review your benefits. Consider whether a divorced spouse benefit might help you.
Credit Cards: Close all joint account immediately. Cancel your ex-spouse's user status. Open new card accounts in your name.
Cars and real estate: Retitle all vehicles and real estate. Review car and homeowner policies.
Passwords: Change passwords on all accounts.
