When your divorce is finalized, you may experience a sense of relief and a roller coaster of other emotions. While the legal procedures are behind you, there are a few more steps to take, to ensure things the next chapter of your life begins with focus and intention.
Do not let your emotions control your behavior. Stay focused and prepare for your future. Taking these important steps will ensure you are set up for success, to become the best version of yourself.
Review Your Divorce Decree
Make sure you fully understand all aspects of the court orders. This includes what property and assets have been awarded to you, your financial obligations, and the legal orders in your case. Talk with a CPA, a financial advisor, and meet with your financial institution(s). If needed, open new accounts and consolidate old ones. If you have decided to change your name, ensure you follow the proper channels to make the change legally official.
Update All Accounts
Be sure to remove your former spouse’s name from any existing accounts including utilities, banks, credit cards, insurance policies, etc. This includes confirming a separation of any shared iCloud or access to shared websites. You may need to have a QDRO prepared to split a retirement plan or have a Quitclaim deed drafted for your home. Do so quickly, to ensure a timely split of all assets, including investment account(s).
If you have not already done so, open your own checking / saving accounts and obtain a credit card in your name alone, to establish your own financial identity. Doing a credit check on yourself is wise, as you take charge of your personal finances.
Get Organized
Create a personal filing system for your important financial documents, as well as statements that may need to be retained for tax purposes. Whatever process you chose, ensure you have access to the information when you need it.
“Allow yourself time to grieve, heal, and shift your perspective. In time, you will appreciate your independence and freedom. Taking these intentional steps will help you move with confidence onto the next chapter of your life.“
– Leah Hill | Founder and CEO at Divorce Strategies Northwest
Update Beneficiaries
Consult a professional to consider your needs and your options. Update the beneficiaries on your insurance policies and your investment accounts. Enlist professional advice to ensure the paperwork is complete and properly filed.
Draft a New Will
To ensure there is no confusion, consult an estate planning or probate attorney, to ensure your wishes are clear. If you have any trusts in place, they should be terminated and new trust(s) created.
Moving Forward
With your divorce finalized, you may feel a combination of relief, fear and excitement. Seek the emotional and mental health support you need to intentionally create and embrace your new life. This mental shift will open space for you to become a healthier, happier, more genuine version of yourself. Many people eventually look back and realize that while painful, their divorce was a blessing.
Allow yourself time to grieve, heal and shift your perspective. In time, you will appreciate your independence and freedom. Taking these intentional steps will help you move with confidence onto the next chapter of your life.
Life has begun in a new way; embrace your future with confidence!
Your Trusted Partner
Whether you’re contemplating a divorce, have already started the process, or are far into the proceedings, do you wish you had someone to share with you the inside scoop on how to save money, time and emotional energy on your divorce?
Our team is available for a complimentary consultation to discuss the many scenarios, options and implications of separation or divorce, via telephone or videoconference during this time. Feel free to get in touch with us; we are here for you!
