After a divorce is finalized, there are still steps to be taken for the parties to go their separate ways. While many people open up a separate bank account when they decide divorce is the route they plan to take, there are other assets that require a Property Settlement Agreement (PSA) and Divorce Decree signed by the judge to proceed with division.
As soon as the divorce is final, it is important to obtain several copies of the Decree and PSA, complete with a raised seal and signatures from the Court. If either of the parties has changed their name in marriage and wishes to change it back, these documents will be necessary to restore their former name. Once the Social Security Administration and Indiana Bureau of Motor Vehicles processes these documents, modified Identification is issued.
With the newly obtained Social Security Card and either Indiana State Identification or Indiana Drivers Licenses, as well as the Decree and PSA, credit cards and bank accounts can be modified with the appropriate names, and divided according to the agreed upon terms.
In terms of retirement accounts and real estate, documents in addition to the Decree and PSA will be required to complete the division.
Some retirement accounts are divided with a Qualified Domestic Relations Order QDRO). QDROs, which essentially act as addenda to the Decree and PSA, recognize an alternate payee (former spouse)’s interest in a retirement account. QDROs are signed Orders from the Court, granting the division of a retirement account, as spelled out the PSA. Once the QDRO is signed, it can be sent to the account holder’s employer and processed by human resources for implementation.
If a couple divorces and they still share interest in real estate, it should be decided if one party will keep the real estate or it it should be sold to divide the proceeds. If it is agreed that one party should keep the marital real estate, the party relinquishing their interest should execute a Quitclaim Deed.