25 Things to Do Post Divorce

25 Things to Do Post Divorce

  1. Obtain and review a copy your credit report
  2. Check your credit score
  3. Cancel/suspend joint credit card accounts
  4. If you have no credit history, begin new accounts before you cancel the old ones. Be careful not to overdue!
  5. Analyze your investments. Review your risk tolerance and growth expectations.
  6. Open new accounts to receive assets transferred from your property settlement. Examples: stocks, mutual funds, IRAs, ROTH
  7. Make the necessary account transfers from asset accounts out of Joint tenants.
  8. Retitle assets (House and auto for example)
  9. Monitor transfers anticipated by your property settlements
  10. Change beneficiaries on EVERYTHING, including insurance policies and retirement accounts.  
  11. Establish and follow a new budget – cutting expenses. I find using a debit card helpful to control spending.
  12. Update your personal insurance coverage
    1. Health Insurance - COBRA and other alternatives
    2. Compare pricing, features and benefits for property/casualty/auto insurance.
  13. Create an Emergency reserve – 6-months of living expenses 
  14. Create an income safety net – disability coverage
  15. Create a new estate plan
    1. Last Will and Testament
    2. Guardianship for Children
    3. Health Directive
    4. Power of Attorney
  16. Run new tax projections for your change in tax status. Adjust your withholding.
  17. Create a new financial plan – Example: How much should you be saving for retirement, college tuition, purchase of a new home?
  18. Set-up a new filing system to organize your new financial life
  19. Consider using an online budgeting and tracking system
  20. Establish a new professional team of your own. Example: Accountant, Financial Advisor, Insurance Broker, etc.
  21. Update your Social Security Card for name changes. Review all of your monthly bills, spending accounts, insurance policies, employer related records, etc.
  22. Buy a new shredder
  23. Strip your computer of valuable information if you are not taking your unit(s) with you.
  24. Check your safe deposit box and close the account if possible. Notify your ex-spouse that he/she is responsible for all items that remain.  
SPECIAL NOTE FOR # 25!
Separation agreements can take months, if not years to complete. CDFA to assist you in understanding the details of your financial settlements, educate you on how the financial requirements need to be executed and most importantly, make sure everything gets done! 

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