Financial Preparation for Divorce
Here is a basic list of the things to do to secure your personal finance picture when you’re divorcing. Some of these things can be done right away, while others have to wait until the divorce is final. Do what you can now rather than trying to do it all once the dust settles:
- Close joint credit accounts.
- Remove your spouse’s name from bank accounts, credit cards, and employer records.
- Change your status and relevant information (like marital status and address) on tax records, post office records, professional licenses, property titles, utility bills, and health insurance.
- Open a new bank account and credit card account in your name.
- Disinherit your spouse from your will, trust, medical directive, living will, and power of attorney.
- Change beneficiaries on your pension, 401K, IRA, and life insurance policies.
- Use a personal finance app to track child support, alimony, medical expenses, and other expenses related to the divorce.
- Establish sound credit in your name if you have not done so.