1. Put All Accounts In Your Name
Be sure to adjust all accounts that feature your spouse’s name, especially those that will be processed through credit bureaus. Any vehicles or financial accounts should be titled with your name alone.
2. Reestablish Your Individual Financial Identity
After adjusting your accounts, it will be beneficial to open a credit card and savings/checking account in your own name. A credit card is a vital part of building your personal credit score; just be sure to keep your payments punctual!
3. Notify Your Insurer
Insurance policy beneficiaries should be notified of your separation from your spouse, whose name should be removed from your policy. Meeting with your insurance agent and reviewing your coverage will help you to be sure that your current policy is still the one for you. If you are using COBRA coverage through your ex-spouse’s employer, you also want to be sure to ask your agent the proper way of setting it up.
4. Organize Your Documents
Documents are easily lost in the chaos that can be a divorce; if you don’t yet have a personal filing system, now may be the time to develop one. You can use a filing cabinet to alphabetize your important financial documents, especially those that will come in handy on Tax Day. There are many ways to keep your documents, and you may find that the organization helps to clear your head as well.
5. Budget Yourself
New journeys can be both exciting and overwhelming. Creating a budget for your new way of life will be very beneficial to your finances. This is not a process you have to undergo on your own; your financial advisor is a great resource in this stage of your transition.