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:
- Assess your financial situation and determine what changes may be needed.
- Make sure your credit cards, bank accounts and investment accounts are in your name only.
- Check your credit report to make sure it reflects your new marital status and that it is accurate.
- 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.
- 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.
- Review your new income tax situation and take prudent steps to keep your taxes low.
- 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.