$2.17 for Children or Grandchildren
Financial Tips To Follow During And After Divorce
Divorce is rarely a simple process, emotionally or financially. If you’re like many others going through a divorce, you look forward to the day the whole situation is behind you so you can move forward. Whether you’re currently separated, going through a divorce, or have just recently come through one, you can save yourself the headache of unnecessary financial mishaps.
One important tip to remember is to keep excellent financial records. If you haven’t already, start gathering all of your financial records. Organize them so that they’re readily available and can be provided when needed. Make copies of everything. As you go through your divorce, keep copies of all financial statements and receipts of payment. Be sure to get copies of any divorce paperwork, and legal and financial documents.
Another tip is to remove your spouse’s name or have yours removed from any accounts such as investment accounts, credit cards, car insurance policies, car loans, IRS records, IRAs and utility bills. Be sure that your ex-spouse also removes you from any accounts they may control. Close any joint checking accounts. Even after you’re divorced, you’ll still be responsible for any debts incurred in joint accounts if your name has not been removed.
Be sure to update your will and life insurance policies. When divorcing, you may consider changing your beneficiaries by executing a new will. Update your living will, medical directives and power of attorney. If your ex-spouse is a beneficiary on any life insurance, pension, 401k or IRA accounts, update those if you need to. You can also change any information that has your ex-spouse listed as your emergency contact.
In addition, remember to change all passwords and pin numbers associated with any accounts. Even if you have a good relationship with your ex-spouse, you should still change all your passwords and pin numbers anyway. This means passwords for financial accounts managed online, but also for any online account that belongs to you alone. Change your pin numbers too, such as the ones protecting your cell phone account, tax records and debit cards.
Another point to consider when going through a divorce is to seek the help of a financial advisor. Unless you have no shared assets, little or no accumulated debts, no children and are in complete agreement over all financial decisions you may need to hire a financial advisor with experience in divorce. Even if you are in agreement, don’t sign away your rights before you at least speak with a professional. Financial advisors can answer your questions about splitting of assets, child support, alimony and debt responsibilities.
Lastly, start building good credit in your name. Having a good credit score is the foundation to successful personal finance. It’s not uncommon for some people to lack credit or to have a lower credit score following a divorce. Therefore, it’s important to start building good credit so it’s easier to be approved for loans and get competitive interest rates. Get a copy of your credit report as well and start doing what you can to build credit or raise your score.
You might also be interested in...
- 6 Foods That Feed Your Brain
- 6 Things To Give Up This Year
- 7 Common Relationship Deal-Breakers
- 7 Facts Women Should Know About Heart Disease
- When You Already Feel Like Giving Up On Your Resolutions
- Amazing Tips To Help You Get Through Allergy Season
- Anti-Aging Tips And Tricks
- Are Protein Shakes A Healthy Choice?
- Are We More Stressed Than the Rest of the World
- Are You Ruining Your Relationship
- Are You Socially Awkward?
- Attitude Of Gratitude
- Beating Work Burnout is Easier than You Think
- Benefits Of Yoga And Meditation
- Beware Of Relationship Killers
- Big Cities Surprisingly Great for Outdoorsy People
- How To Boost Your Self Confidence
- Can Saying You’re Sorry Save Your Life?
- Can White Wines Be Healthy Too
- Changing Careers In Your 40s
- Divorced, But Are You Ready To Start Dating Again?
- Do You Fight Like Other Couples?
- When you don't have a green thumb
- 8 PreWorkout Meals To Maximize Results
- Financial Benefits Of Co-Habitation vs Marriage
- Financial Tips To Follow During And After Divorce
- Five Ways To Lead A Regret-Free Life
- Why Your Friends Should Be Jealous If You’re 30-Something And Single
- Can A Full Moon Really Affect People?
- Getting a Life Insurance Quote Without Getting a Medical Exam
- Health Benefits Of Almond Milk
- The Health Benefits Of Avocado
- Health Benefits Of Cinnamon
- How To Choose A Multivitamin?
- How To Make The New Year The Best One Yet
- How To Prepare For Your Next Interview
- Is a Co-worker Making You Hate Your Job?
- Is The Ketogenic Diet Safe?
- Is Music The Antidote For Depression
- Is Your Diet Making You Feel More Stress?
- How To Keep Your Facebook Safe From Scammers
- Life Insurance Companies Offer Protection
- Living With Fibromyalgia
- How To Look Better Than Ever At 40
- More Big Cities Surprisingly Great for Outdoorsy People
- Natural Remedies For Acid Reflux
- No Medical Exam Life Insurance: Only a Few Y/N Health Questions
- 10 Olympic Sports That Didn’t Make the Cut
- Outrageous Facts about U.S. Presidents
- Ovarian Cancer--The Silent Killer
- Overcoming Frustration
- How To Get Relief From Credit Card Debt
- Is There A Risk of Heart Disease Due To Drinking?
- Shocking Food Facts that May Change the Way You Eat
- Sick Of Running? 5 Cardio Routines You Should Try Instead
- Smart Tips for Getting Paid What You Really Deserve
- Strange Laws You Don't Even Know You're Breaking
- The Singles’ Guide To Life Insurance
- Things To Remember When Buying Life Insurance
- Top 5 Things You Need To Know About Life Insurance
- Top 6 Factors That Destroy Your Credit Score
- Top Ten Health Tips For Active Women Over 50
- Treating Menopause Symptoms With Alternative Medicine
- Want To Know How Your Interview Went? Think Of It Like A First Date…
- What Every Woman Should Know About Breast Cancer
- What Is Ruining Your Workout
- What Most 30–Somethings Wish They’d Known in Their 20s
- Whats Really To Blame For Your Bad Mood
- Why You Keep Overeating and How to Stop
- Why You Need To Talk About Life Insurance
- You Can't Afford to Believe These Women's Health Myths
- 5 Plants To Keep In Your Bedroom
- Five Simple Ways To Protect Your Retirement