5 Priorities When Your Divorce Becomes Final
FINALLY! After an emotional roller coaster, you get that 8 ½ by 11 manila envelope with your divorce decree signed by the judge. You are officially a single person once again. You may celebrate, or you may mourn on that day, but stay focused, you’re not quite done yet. There are some critical items that you want to take care of right away.
Review Your Decree - First, make sure you fully understand what’s in that envelope and what’s been awarded to you. There’s a good chance that you now need to have a QDRO prepared to split a retirement plan. Don’t delay! Get that going now to ensure a timely split of the account. Now is a great time to sit down with a financial advisor to map out your new financial plan, open any new accounts necessary and consolidate any old ones.
Review all accounts - Be sure to remove your ex-spouse’s name from any existing accounts including utilities, banks, credit cards, insurance policies, etc. If you don’t already have one, get a credit card in your name alone. Now is the time to establish your own financial identity.
Get Organized – If you’ve never had one, create a filing system for all of your important financial documents as well as any statements that need to be retained for taxes. If you’re tech savvy, this might be 100% electronic but it needs to exist.
Review Estate Docs – Be sure to update all your beneficiaries on accounts and insurance policies IMMEDIATELY. I could tell you nightmare stories of ex spouse’s inheriting huge 401(k) plans because someone forgot to update the beneficiaries.
Write a New Will – Everything has changed. Be sure your new wishes are clear so there is no confusion. If you had any trusts in place, you’ll need to have them terminated and create new ones.
This is your new beginning. The business side of things isn’t tons of fun, but with each step you’ll feel your new independence and identity sinking in and it will all help you to heal.
Today is the first day of the rest of your life. Make it count!
As always, if I can ever be of assistance to you or someone you know, please do not hesitate to call or email me directly at 803-576-4932, Amanda.Gunn@raymondjames.com
Sincerely,
AMANDA SIMCONIS GUNN, CDFA®, AAMS®
Financial Advisor
Any opinions are those of the author and not necessarily those of Raymond James. All opinions are as of this date and are subject to change without notice. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.
