5 Priorities When Your Divorce Becomes Final
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. Also be aware if there are other assets that will come to you at a later date. This may be the case with Stock options and RSUS’s.
Review Financial 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.
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 Beneficiaries On Accounts
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
If you have not been the one managing the finances in the house, hiring a financial professional to assist you with these tasks might make it less overwhelming. Once you get through with these activities, it may not make you feel better, but it will likely make you feel a bit more independent and strong .
Today is the first day of the rest of your life. Make it count!
Aspire Divorce Solutions