Implementing Divorce Changes - Investment and Bank Accounts

You will want to close any joint bank or brokerage accounts with your ex-spouse. Joint tenants on an account can withdraw all of the funds on the account without notice.  Open new brokerage accounts in your name and assign new beneficiary and allocation percentages.  If you already have an existing account and your ex-spouse is listed as a beneficiary, your brokerage institution can provide you with a change of beneficiary form that will allow you to make these changes.

Individual Retirement Accounts (IRAs, SEPs, SIMPLE, Roths) and Company or Government Sponsored Retirement Accounts (401Ks, 403Bs, etc.)  – Since these are owned solely by individual named, it is not necessary to close these accounts and open a new account.  Your financial institution can provide you a change of beneficiary form that will allow you to remove your ex-spouse as a beneficiary and provide for designating new beneficiaries and allocation percentages.