Although it may not be the first item on your to-do list when you are getting ready for a divorce, reviewing all aspects of your finances thoroughly as you transition to singlehood should definitely be a priority.
Understandably, you will be very busy now. You may have to attend to your kids, who are probably reeling from the shock of learning that you and your spouse are going your separate ways. Maybe you intend to depart the family home and settle elsewhere. You could be fumbling for a painless way of letting people know about the turmoil in your private life. And on top of all those headaches, you need to straighten out your finances in readiness for the divorce or immediately afterward.
Nevertheless, try not to put this off. It has a significant impact on your future and may affect your children’s future as well. If your and your spouse’s finances have been intertwined for ages, then you may have quite a bit to do.
What should you change regarding your financial situation?
So much about your day-to-day life is on the verge of being rearranged, including your finances and how you manage them. These suggestions could help you to figure out how to get started.
- There will be life, health and auto insurance issues to contend with. Home insurance, too, if you retain the house.
- Think about anything that both of your names are on such as household bills. You don’t want to be held responsible for your ex’s casual approach to making timely payments.
- You don’t want any accounts at banks, for example, that are still shared with your ex. Joint accounts need to be closed so you have individual ones in your name.
- You could be on the hook for expenses like taxes if you remain on the title of the house after the divorce and you no longer own the home.
These matters can be complex
There are many details to be dealt with when you separate your finances from your former spouse’s. Be certain that you do everything correctly and in a way that protects your and your kids’ current and future needs and interests.