Part 2: Money and Divorce

Thursday, February 20 at 09:20 AM
Category: Personal Finance

Yesterday we looked at the financial aspects to consider while going through a divorce. Today we’ve got a few suggestions of tasks to do regarding your finances following a divorce. 

After the divorce is final, there are some actions you should take:

  1. Assess your financial situation and determine what changes may be needed.
  2. Make sure your credit cards, bank accounts and investment accounts are in your name only.
  3. Check your credit report to make sure it reflects your new marital status and that it is accurate.
  4. Change the beneficiary designations on any IRAs, retirement plans, life insurance policies and your will.  If you do not have a will, now is a good time to get one.
  5. Review your insurance coverage to make sure it is sufficient.  It is also a good time to review your deductibles.  Higher deductibles may reduce your premiums but subject you to more risk.
  6. Review your new income tax situation and take prudent steps to keep your taxes low.
  7. Review your investment accounts and strategy.  As a single person, your goals and risk tolerance may be different and your investment strategy should reflect those.

These tasks will help you prepare for your financial future after a divorce. Don't forget to check out part one of this two-part series about financial considerations while going through a divorce.

Read part one on money and divorce.

Tags: Financial Education
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