Divorce can cost you financially as well as emotionally.
No one dreams about getting divorced.
When we plan our lives, each of us believes we will live happily ever after.
Unfortunately, many marriages end in divorce.
Perhaps this is not just theoretical for you.
If so, you are probably concerned about its financial implications.
According to a recent Forbes article titled “A Checklist To Help You Manage Post-Divorce Finances,” financial success takes planning beyond the divorce settlement.
The settlement will cover the basics such as how things will be divided between the two parties.
You will need to be proactive as you transition to a life apart.
You should cancel any jointly owned credit cards.
Your credit will now need to be established in your name alone.
You will need to review your estate plan and beneficiary designations on retirement accounts, insurance policies, trusts, pensions, and annuities.
Chances are you do not want your ex to benefit from your death, yes?
Did you own a home together?
If you agreed to sell it and split the profit, great.
If you are keeping the home, you should refinance the mortgage under your name.
Do not leave the settlement agreement without a plan and timeline on implementation.
The attorneys can help you through this process.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Forbes (February 12, 2018) “A Checklist To Help You Manage Post-Divorce Finances”