Whether you have a lost a spouse or partner through divorce or death, being thrust into singlehood can be an emotionally and financially jarring experience. To get yourself back on firm footing, at least financially, follow these five steps:
Finalize financial plans. In the case of a divorce, you must ensure that the terms of any settlement are actually executed, including the retitling of financial accounts, the transfer of divided assets to your new accounts, transferring titles on vehicles, etc. Be sure to notify your financial planner or CPA about your new status, including any changes to deductions (only one parent can claim children as dependents each year).
Update your estate planning documents. If you no longer have a spouse, you will need to update your estate plan, including your will, trusts, living will, advance medical directive and powers of attorney. You’ll also need to update your beneficiary forms for retirement and investment accounts as well as insurance policies — and remember that beneficiary forms trump a will.
Scour your credit report. You want to be sure that any of your former spouse’s financial liabilities do not appear on your credit report. You also want to check for any surprises, including credit accounts you might not have been aware of but are still responsible for in the eyes of the law.
Don’t act too quickly. Emotion can cloud anyone’s judgment, so you want to give yourself time to grieve the loss of your spouse — to either death or divorce — before making any big financial decisions. Gather a support team.
Pierchoski Estate Law can help as you sail forward into your new life as part of your support team to help you navigate. This should include a financial adviser and a Lawyer who can help you accomplish all your goals.
To learn more make your appointment with Pierchoski Estate Law. Call 931-363.7222.