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Financial Considerations After Divorce

Once the divorce papers have been signed and finalized, you should take steps to ensure that your finances continue to be protected even after the divorce.

One of the first things that you should do is to go through your will and other estate planning documents, and make sure that your ex-wife’s name is struck off of them. The sheer number of men, who fail to take this very basic and important step to secure their finances, is quite large. If you do not make changes to your will and other estate planning documents, your ex-wife continues to remain your inheritor. Change the names of the beneficiary on your retirement fund documents, as well as life insurance policies.

Avoid making lavish purchases soon after the divorce. You may feel tempted to make extravagant purchases but it may be better to hold off larger purchases for a while.

Think about creating a new budget for yourself post divorce. Now that you are living in a single-person household, there will be significant changes to your expenses. If you’re paying alimony or child support, you need to factor in those expenses in your new budget as well.

You may need to arrange new accommodations, buy toys, clothes, and other accessories for your children when they enjoy parenting time with you. Account for these in your budget as well.

The article is for general informational and/or entertainment purposes only and does not constitute a client – attorney relationship.