When you find yourself newly-single again, there are so many emotions and concerns to consider. Your financial health could be flung into your face or if it hasn’t been, you could be thinking of many other things instead. Here are five ways to assure your finances are protected.
Complete Your Financial Plan
If you are alone because you got divorced, make sure that any terms of the settlement actually get done. This means retitling financial accounts, transferring titles of vehicles, transfer of any assets that must be divided according to the settlement etc. Notify your financial planner or your CPA about your new status including any changes to deductions. Remember: only one parent may claim dependents each year.
If You Have An Estate Plan In Place, It Needs Updating
All of your estate plan documents must be updated to reflect your newly-single status. This includes your will, trusts, living will, advance medical directives and powers of attorney. Be sure to change your beneficiary forms and retirement and investment accounts as well as insurance policies. Beneficiary forms always trump wills.
Become Acquainted With Your Credit Report
If your former spouse’s financial liabilities appear on your credit report, make sure you have them removed. Look for surprises such as credit accounts that you might not even know about but are responsible for.
Be Still
Being newly-single again can kick up emotions that can possibly blur the landscape. Give yourself the time to grieve your loss and wait to make major decisions.
Rally The Troops
As you move ahead in your newly-single life, find people you can trust to help you navigate it. Find a financial adviser you trust and a Personal Family Lawyer who shares your values to help you move ahead and accomplish your goals. Keystone Law Firm’s managing partner Francisco Sirvent is prepared to help guide your steps toward the optimum new life.
