Asset Protection: 5 Must-Do Legal Checkups for Year-End
As the year draws to a close, it’s time to reflect and prepare, especially for those who have experienced significant life changes such as divorce.
In Oklahoma City, where family law can be as dynamic as the city, taking stock of your legal and financial status is crucial. This is particularly true for divorcees, who must navigate a new landscape of personal and financial independence.
A divorce brings about more than just emotional changes; it significantly alters legal and financial landscapes. As Holly Hefton, a respected divorce attorney in Oklahoma City, understands, a divorce can be a transformative journey.
The end of the year offers a unique opportunity for divorcees to ensure their assets are protected and their legal affairs are in order. The process is essential for starting the new year on a solid footing, free from past entanglements and poised for future success.
Here are 5 must-do legal checkups for year-end:
Review Alimony and Child Support Agreements
The first step in your year-end legal checkup should be reviewing existing alimony and child support agreements.
It’s not uncommon for financial circumstances to change post-divorce. Whether it’s a shift in income, a new job, or changes in living costs, these factors can affect the suitability of current arrangements.
Ensuring that alimony and child support payments align with the latest financial realities is crucial in maintaining fairness and legal compliance.
Update Your Estate Plan and Will
Next, turn your attention to your estate plan and will. Life post-divorce often requires reevaluating your plans for the future, especially concerning asset distribution.
Updating your will and estate plan to reflect your current wishes is a must, and it may include removing your ex-spouse as a beneficiary or making necessary changes to ensure that your assets are distributed according to your updated preferences.
Remember, an outdated will can lead to unintended consequences and legal challenges.
Reassess Joint Accounts and Shared Investments
In the wake of a divorce, reassessing joint accounts and shared investments is one of the most important steps to safeguard your finances. Divorcees must untangle their money from a former spouse and protect their assets.
Legal experts advise closing joint accounts, redistributing shared investments, and ensuring that all financial assets are divided solely in your name or appropriately. This reassessment not only secures your financial independence but also guards against potential disputes or misunderstandings in the future.
Examine Credit Reports and Scores
Your credit score is a top component of your financial health after a divorce. Year-end legal checkups are the perfect time to examine your credit reports for any inaccuracies or remnants of joint accounts that could adversely affect your credit score.
Ensuring your financial activities are accurately reported helps maintain a good credit standing, which is crucial for future monetary endeavors like securing loans or credit cards.
Update Beneficiary Information
Finally, review and update the beneficiary information on all your accounts and insurance policies.
The aforementioned often-overlooked step ensures that your assets and benefits will be distributed according to your current wishes, not outdated agreements made during your marriage. It includes life insurance policies, retirement accounts, and any other accounts where you have designated beneficiaries.
Year-end legal checkups are more than a routine; they are essential to securing your financial future, especially for recently divorced people.
The process ensures that your legal and financial affairs match your current and future goals.
Consider the help of a seasoned family law and litigation attorney in Oklahoma City for personalized assistance and expert guidance through these crucial checkups.
Contact Holly Hefton Law P.C. for a consultation at (405) 312-3366 and take the first step towards securing your financial future. With her experience and dedication, she can help you navigate these complexities, ensuring you enter the new year with confidence and clarity.