Wolf, Baldwin & Associates, P.C.

A financial checklist for after your divorce is final

It's over. Your divorce is finally final. You may have mixed feelings about it, but that shouldn't stop you from making smart decisions where your finances are concerned. Here is a financial checklist to consider once your divorce is final:

-- Make copies of your divorce decree and put one in your safety deposit box. You may need this for investment and retirement accounts, the Internal Revenue Service, bank accounts or life insurance.

-- If you haven't already, close any joint bank accounts you may have open. This includes Christmas club accounts, certificates of deposit and more.

-- Close any credit accounts that are in both or your names. Open them in yours, if possible. Many people forget accounts they might not use very often, like a gas station credit card.

-- Change the beneficiaries on your life insurance policy. If something were to happen to you, your ex would receive the payout from your life insurance if he or she was listed as the beneficiary.

-- If you were listed on your ex's health insurance plan you will need to secure other insurance quickly. In some cases, one spouse is required to provide health insurance for one's ex. If this applies to you, it needs to be done quickly.

-- Get a financial planner or accountant to ensure that all of your financial needs after the divorce are handled properly. Your divorce attorney can likely recommend these professionals.

By following the above checklist, you can ensure that you are ready to move forward financially with your new life.

Source: theadvertiser.com, "Your post-divorce financial checklist," Mary Fox Luquette, Jan. 26, 2017

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