Post Divorce Checklist

Steps to Embrace Your New Chapter

Congratulations on reaching this pivotal moment—finalizing your divorce is no small feat. As you stand at the threshold of a new beginning, here’s a straightforward guide to help you navigate the essential steps post-divorce

• Secure Certified Copies of Your Divorce Decree  

  • Obtain certified copies of your divorce decree from the court. These documents are vital for making official changes to your personal records and accounts. I suggest getting several copies because you’re likely to need more than one as you update records.

• Update Personal Identification and Records

  • Name Changes: If you’ve reverted to a previous name, update your Social Security card, driver’s license, passport, and notify your employer.
  • Address Updates: Inform the postal service, banks, credit card companies, and other relevant institutions of your new address and name(if applicable).

• Revise Financial Accounts and Beneficiaries

  • Bank Accounts: Close joint accounts and open new ones in your name.
  • Credit Cards: Terminate joint credit cards to prevent future liabilities.
  • Beneficiaries: Update beneficiaries on life insurance policies, retirement accounts, and investment portfolios to reflect your current wishes.

• Retitle Property and Assets

  • Ensure that titles for vehicles, real estate, and other significant assets are updated to accurately represent ownership as specified in your divorce agreement.

• Establish Individual Insurance Policies

  • Health Insurance: If you were previously on your spouse’s plan, seek new coverage promptly. Options include employer-sponsored plans or marketplace insurance.
  • Auto and Home Insurance: Update policies to reflect sole ownership and adjust coverage as necessary. Make sure you’re both clear on who covers the kids!
  • Investigate Long Term Care. Is this something you might need moving forward?

• Create a New Budget and Financial Plan

  • Assess your current income, expenses, assets, and liabilities. Crafting a realistic budget will provide financial stability and clarity as you move forward.
  • Make sure your investment risk tolerance matches your current life—not your ex’s, and not your old married life.
  • Get a financial advisor to help – that’s what they do!

• Move any financial assets you were awarded

  • You must put your assets in your name. If a QDRO was used (Qualified Domestic Relations Order), follow up to make sure the funds are moved to your account.
  • There are different rules for different types of accounts, consult with a CDFA® to make sure you’re know your options.

• Update Legal Documents and Estate Plans

  • Will and Trusts: Revise your will and any trusts to align with your new circumstances.
  • Powers of Attorney: Assign trusted individuals to make financial and medical decisions on your behalf if necessary.

• Implement or Review Your Co-Parenting Plan

  • If children are involved, ensure that the co-parenting plan is clear and agreed upon. Regularly reviewing this plan can help maintain consistency and address any evolving needs.
  • Use a co-parenting app if that makes life easier for you and your children.

• Prioritize Self-Care and Emotional Well-being

  • Engage in activities that nurture your mental and physical health. Whether it’s pursuing hobbies, exercising, or seeking support from friends, taking care of yourself is crucial during this transition.

• Seek Professional Guidance When Needed

  • Consult financial advisors, legal professionals, or counselors to provide clarity and support as you adjust to your new life. Their expertise can offer valuable insights tailored to your situation.

Embarking on this new chapter is both a challenge and an opportunity. By addressing these essential tasks, you’re laying a solid foundation for a future filled with promise and personal growth. Remember, each step you take is a stride toward the life you envision.

P.S. Please, be very careful of going to Google, Facebook or other social media for your advice. What was true and appropriate for someone else may not be the case for your unique situation.

For a printable version of this checklist, please reach out to ClientCare@bridgingdivorcesolutions.com