Chapter 23 - § 23.1 • IMPLEMENTATION OF THE TERMS OF THE DECREE

• Jurisdiction: Colorado

§ 23.1 • IMPLEMENTATION OF THE TERMS OF THE DECREE

§ 23.1.1—Transfers

Following the entry of the decree, counsel should meet with the client to review the transfers of assets that will need to be made as part of the judgment or agreement. While clients can and may want to do much of the legwork for these transfers themselves, they will need the attorney to remind them of what transfers need to be made and what procedures need to be followed in making these transfers. Depending on the nature of the asset, counsel may need to assist in preparing transfer documents.

Titled Assets

Titled assets that are commonly transferred pursuant to dissolution include real estate, automobiles, bank accounts, securities, life insurance, retirement accounts, trusts, contracts, and stock options. Specific transfer documents often need to be prepared, executed, and properly recorded for such assets. Where real estate is being transferred, a deed of transfer such as a quit claim deed must be prepared for the grantor's, or grantors', signature. The deed should then be recorded in the county where the property is located. When the transfer of a business interest from one spouse to the other is involved, it behooves the client to engage an attorney competent in the drafting of the necessary business transfer documents, if the family law attorney does not have the requisite business law background.

For automobile transfers, the title of the automobile needs to be secured and the necessary signatures obtained to properly transfer the title. The new title should be taken to the applicable vehicle licensing authority, which will note the correct ownership of the vehicle in its system. For bank account transfers between the parties, the client will likely need a certified copy of the decree to provide to his or her financial institution that will make these transfers. When a joint bank account is transferred from joint names into one party's name, the bank typically requires proof of identification and a signature of the spouse being removed from the account. For securities transfers, counsel should direct the client to speak with an investment broker to assist the client with this transfer. Brokers often require a certified copy of the decree as evidence of authorization to make the transfer.

If life insurance policies are transferred, counsel should remind the client to change the ownership of the policy and the designated beneficiary as soon as the decree is entered. The life...