Whether divorce or by the death of your spouse, you have found yourself a single person. In this and the following blog, we will discuss the financial issues that need to be considered when you are put into either of these situations.
In the case of a divorce
While this is an emotional time, there are financial issues that need to be considered as soon as possible so there aren’t any unintended consequences. The following are some suggestions of important issues to be considered both during and after the divorce process. Please consult with your attorney and CPA for specifics regarding your own personal situation.
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- Sever all unnecessary financial ties to your soon-to-be-ex. Contact any credit card companies with whom you have joint credit cards and cancel any joint accounts. Have a new card(s) issued in your name only.
- Revise your will. If you and your husband shared the same attorney, you might wish to get a different estate planning attorney.
- Meet with a reputable financial planner to review your overall retirement situation and update your plan beneficiary designations.
- Review your life insurance policy including beneficiaries.
- If there are minor children involved, select a guardian for them. Be sure to include written instructions on how the children are to be raised. Also include instructions on how your assets are to be managed and used for the care, benefit and protection of the children.
- Make sure the children’s future needs are funded.
- Inventory your assets via pictures or video.
- Update your medical directive.
- Meet with a reputable CPA to calculate any tax implications of the divorce.
- Review budget to include alimony/child support arrangements and revise as needed.
- Decide what to do with the family home. Get updated information regarding all loans, including copies of the most recent mortgage statements.
- Contact me for a current market valuation of any real property owned.
I can meet with you to discuss what options are available to you in regards to any real properties that may be involved. This includes any investment or vacation properties. If you are in need of referrals for Family Law Attorneys, CPA or Financial Planners, please contact me and I will be glad to give you several to choose from.