| When You Begin To Consider A Divorce: |
| Things To Do |
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Obtain information about divorce and property division laws in your state.
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Make sure you have access to all relevant information such as account numbers,
financial institutions, insurers, brokers, your tax accountant, location of
important documents and contact information for each.
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Make copies of all relevant documents and computer files with financial data
for yourself.
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Meet with a financial planning professional and a tax accountant to discuss
the financial and tax implications of decisions you will need to make as you plan a divorce.
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Make sure you have access to savings of your own in the event that you must suddenly
rely on your own resources to meet household and personal expenses.
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Make sure you have credit in your own name.
If not, apply for and use your own credit card.
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Begin an inventory of all separately- and jointly-owned assets.
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Obtain appraisals of assets such as art, antiques, fine jewelry and other
tangible items. Include investments, cash, vehicles, real estate and furniture.
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Make a list of all outstanding debts.
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Verify the contents of any joint safe deposit box.
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Pay the balance of as many bills as possible.
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| When You Decide To Get A Divorce: |
| Things To Do |
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Find a qualified, experienced divorce attorney.
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Consider revoking any power of attorney documents that
name your spouse as your agent.
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Contact banks, investment companies and brokerages where you
and your spouse have joint accounts. Ask what actions, if any,
you can take to protect your interest in those accounts.
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Contact creditors with whom you and your spouse have joint accounts.
Discuss and decide with your spouse who should pay the balance and
close the accounts, if at all possible.
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Make copies of all legal, financial and other important documents.
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Take your personal documents (birth certificate and passport)
out of joint files and create your own file.
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Contact your insurer to review auto and homeowners or renters policies.
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If you are eligible for military benefits, contact your installation’s legal
assistance office to get information about how those benefits may be divided.
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Work with your spouse to negotiate a division of assets, custody
of children, child support and visitation rights.
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If you want child support or spousal support, make a monthly and annual
expense budget including food, medical care, housing, clothes, child care,
school supplies and activities and other relevant expenses that could be
used by your attorney to support your case.
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Discuss and decide with your spouse who will take the dependent
tax exemptions for children, if any.
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| After The Divorce Is Final: |
| Things To Do |
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Plan a budget. Include all living expenses and save for unexpected expenses.
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Change names on documents, as necessary, to reflect the division of
assets decreed by your divorce settlement.
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If you have changed your name as part of the divorce, contact
financial institutions, business service providers and others
to make the change on legal, financial and business documents.
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Review health, life and disability insurance coverages. Replace
any lost protection. Consider changing beneficiaries on policies
you own unless your settlement agreement requires you to continue
to name your former spouse.
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Change beneficiaries on life insurance policies and in your will.
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Review your will and other estate planning documents. If you have no
will, prepare and execute one. Name a guardian for your children.
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Contact your employer to make changes to benefits as needed that reflect
your requirements as a single individual. Do not forget to change your W-4
form with your employer, if necessary.
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Obtain advice about the tax filing statutes to use to file your first tax
return as a single individual, particularly if you were still married at
the end of the previous tax year.
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Collect and organize your important legal and financial documents.
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Establish an emergency fund of 3-6 months of basic living expenses.
Put the fund in a safe, liquid account.
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Check your credit report to ensure your ex-spouse has not
incurred debt in your name.
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Basic Money Management
Basic Money Management
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