Navigating a divorce is stressful. It’s important to align yourself with experts who can advise you on your options. This lineup may include a lawyer, accountant, financial adviser and insurance agent. Dupaco will be here for you throughout the process.
Separating Yourself Financially
If you’ve been married for a long time, it can be difficult to know where to start. Here are a few things you should do to separate yourself financially. If you have questions, contact us and we’ll be here for you to lean on.
- Take stock of all your assets, accounts and debt. Past tax returns and personal records may help you compile your list.
- Create a financial inventory of your personal, property & final documents.
- Request your free credit report from each of the major credit bureaus, which will outline all debt tied to your name.
- Close all joint accounts with your ex as soon as possible (debt settlement may involve lawyers and a judge)
- Open new saving and checking accounts, and begin establishing credit in your name only.
- Create a new budget that’s based on your changed expenses and income.
Adjusting Documents and Coverage
In your newly single life, you may need to make adjustments to important coverage and documents, including:
- Life and health insurance coverage
- Beneficiaries to life insurance, and other assets
- Legal documents, like a will or Power of Attorney
- Emergency contacts
- Safe Deposit Box access permission
- Property deeds