If you’re reading this, chances are you are about to embark on a new chapter of your life and you are not alone. You didn’t arrive here idly, and it was probably quite painful and difficult to make the decision to divorce. However, you should always remember how strong you are for taking the steps toward starting over. Preparation is more important now than ever, and we are here to help, from start to finish.
No matter the reasons for divorce, it is a difficult transition and your life will change. This can be empowering and frightening. The divorce process can get messier when property, children, and businesses are involved. Many times those three factors are prominent topics and can spark more chaos when it comes to who should have what and how to determine what is best for the children.
Divorce is not a short process, but if you are well prepared, you are setting yourself up for the long road ahead, with all the information you need to make sure you come through to a fresh start post-divorce. Regent Wealth Management and Woman’s Worth are here to help you before the divorce process and after.
Right out of the gate, there are 10 things you should do in order to help you in positive ways to prepare for your divorce. Here are a few of the most important steps you need to take:
- Open separate savings and, or checking accounts and begin saving money. Consider opening a new credit card in your name to build your credit and establish your own financial autonomy.
- Collect and organize all your financial documents for all assets and debts in either your name, your partner’s names or any joint accounts.
- Enlist a fiduciary financial advisor and/or ask for a referral for a Certified Divorce Financial Analyst (CDFA®).
- Work with your financial advisor and create a budget that will allow you to live within your means, both while the divorce is proceeding and after the divorce is final.
- Research and/or find referrals for divorce attorneys, and interview at least two to see who is most aligned with your goals.
When your divorce papers are signed and filed, there are some post-divorce items within your divorce decree that will not be handled by your divorce attorney. It is up to you and your former spouse to handle the next set of tasks to continue the process.
In order to avoid any negative financial consequences, you must take care of these items in a timely fashion. As you set out to start fresh, we want you to feel confident on this new path of your journey. We are certain you will feel more at peace once these tasks are behind you.
These are some post-divorce tasks are crucial for a safe and secure future:
- If you changed your name, notify all creditors, get new ID and passport
- Divide property as set forth in the divorce decree
- Update your estate documents and will
- Update beneficiaries on all types of financial accounts, insurance policies and annuities
- Implement the Qualified Domestic Relations Order (QDRO)
- Adjust withholdings for filing taxes as single or head of household – IRS publication 504
- Create or update your budget and financial plans
Want access to the complete divorce packet to help you during your journey? Text DivorceHelp to 484848 now or click here.