The following financial tips post-divorce that will help you pick up the pieces. Hopefully, you and your partner had an amicable split and can work on the following arrangements together. Many times you will need your ex-partner’s signature to release you from joint accounts. It is a good idea to keep an eye on all your accounts during and immediately post-decree because your soon-to-be-ex has access to all your information and may not have your best interests at hand.
1. Visit Your Insurance Broker
Contact your insurance broker and update your umbrella liability coverage as many of the items in your house may have been transferred to your spouse in the divorce. Also, update your beneficiaries of your life insurance, if necessary.
2. Apply for a new credit card
Depending on your situation, it may make sense to apply for new credit cards before you cancel joint accounts.
While credit cards are generally not very good financial helpers, a credit card can provide a temporary bridge fund for you while you get on your feet after a divorce.
3. Re-title Your Assets
If you owned any assets jointly with your spouse, they will most likely need to be re-titled post-divorce. Even if you decide to continue co-ownership with your spouse, the title should be revisited to ensure that your heirs can inherit your portion of the assets.
4. Sell Off Some Valuables and Move On
This tip is reasonable not just because it makes financial sense, but because it also helps you move on while securing your financial future. There might be a few things that you owned jointly that you may need to sell off even if they have sentimental value.