Going Through a Divorce? 15 Money Tips You Need Now

Divorce can be stressful, but you can avoid making a bad situation worse by ensuring your financial life is in order. Here are some steps to take if it happens to you or someone you know:

• Make a list of your assets and debt and divide jointly owned items.
• Notify creditors that you will no longer be responsible for your spouse’s debts.
• Close joint bank and credit card accounts, and pay off any existing balances.
• Open new bank and credit accounts in your name, or update any authorizations on existing accounts.
• Request a Social Security statement for yourself and your spouse at ssa.gov.
• Decide whether one of you will keep your current residence, and take appropriate next steps.
• Collect tax records for property you may receive in the divorce.
• Gather copies of all financial records and tax returns; locate birth certificates, education records and other documents.
• If applicable, change your name on all your accounts and records, and update your Social Security card and driver’s license.
• Request extra copies of your divorce/separation agreement.
• Review your credit report for accuracy.
• Create or revise your will, living will, durable power of attorney, health power of attorney and trust.
• Work with your financial advisor to review your investments and retirement plan, and adjust as appropriate.
• Review and update beneficiaries on your accounts and life insurance policies.
• Update financial plans for any children’s education expenses.

This checklist is just a starting point, your financial advisor is available to assist you and help ensure your financial best interests remain a priority.