Going Through a Divorce? Here Are Some Money Tips

If you’re facing a divorce, this checklist can help you address important financial decisions.

The basics

• Make a list of your assets and debt to help you divide jointly owned items. 
• Notify creditors that you will no longer be responsible for your spouse’s debts. 
• Make a plan for closing joint bank and credit card accounts, as well as paying off credit accounts. Open new accounts in your own name, or update any authorizations on open credit accounts. 
• Request personal earnings and benefits statements for both you and your spouse from the Social Security Administration www.ssa.gov.
• Determine whether one of you will keep your current residence, and take appropriate next steps. 
• Obtain tax records for property you may receive in the divorce.

Important documents

• Gather copies of all financial records and tax returns, and locate birth certificates, education records, etc.
• If applicable, change your name on all your accounts and records, and update your Social Security card and driver's license.
• Obtain extra copies of your divorce/separation agreement.
• Obtain and review your credit report.
• Create or revise your will, living will, durable power of attorney, health power of attorney, and trust.

Your investments

• Work with your financial advisor to review your investments and retirement plan, and make adjustments as appropriate.
• Review and update beneficiaries on your accounts and life insurance policies.
• Work with your financial advisor to review your investments and retirement plan, and make adjustments as appropriate.
• 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.