Once a break-up is confirmed with a court order, there are various tasks that must be performed.
Do not delay the following:
- Life insurance beneficiary designation
- Sale or refinance of a home/Quit Claim Deeds
- Entry of an order dividing retirement and investment assets
- Removal of personal property
- Transfer of car titles
- Sale or transfer of timeshares
- Updating estate plans
- Entering the child support withholding order
The following are some reasons for delays and why tasks must be taken care of promptly.
Expense: Putting off paying expenses only leads to higher costs if one party dies, an asset loses value or is lost or damaged, a hurricane hits, or titles are lost. Attorneys’ fees will be incurred for contempt of court.
Knowledge imbalance: Often one party is more financially savvy, so they want to help or are asked to help. Find an advisor. Delaying can be disastrous if the market plummets, poor choices are made, accounts lose value, or a party dies.
Acceptance: Failing to execute on what is already decided leads to expensive processes to fix problems.
Let’s wait until…: Waiting until kids graduate, interest rates are better, or home values increase is fraught with peril. The risk of increased rates, a decline in home value, or the death of a party may result in insufficient funds to comply with the Judgment or the necessity of probate.
Ostrich Effect: Just put your head in the sand and the impact is not real.
Misunderstanding: There is no stigma in following the judgment or in a withholding order. The law requires that support be withheld unless both parties agree otherwise. Employers are accustomed to managing these orders.
For all delays, there is always the risk of contempt of court, payment of additional support, additional interest, and attorneys’ fees.
For more information, please contact:
Wakeman Law Group, PC
741 S. McHenry Ave.
Crystal Lake, IL 60014