Getting through a divorce may seem like the final hurdle of the divorce process. To some, merely surviving marriage breakup culminates the heavy lifting aspect of their divorce process. After which, the feeling of having survived divorce gives way to complacency and the possible neglect of the duties involved in properly squaring away their finances after divorce.

Squaring away your finances after divorce takes thorough planning. After going through a divorce, start by tying up any financial loose ends you may have previously neglected. Perform simple tasks like closing or taking the ex-spouse off joint credit accounts, bank accounts and gym membership types.

The next step in squaring away your finances after divorce includes such items as home refinancing and changing titles to cars and homes. A lot of these financial items to take care of after divorce can be found on the final dissolution of marriage order itself.

Some of the most overlooked finances after divorce to take care of involve amending important documents such as wills, retirement plans, life insurance, powers of attorney…etc. The key here is to avoid procrastination as amending these sorts of documents tends to fall between the cracks because their effect seems to be far away in the future. Nevertheless, amending these financial documents as soon as possible can prove vital if you put it in the proper perspective. And that perspective is that not many divorcing spouses will fancy their ex-mate collecting on accounts that said ex is still named as beneficiary.

Also, be aware that amending certain finances after divorce are simpler than others. To amend bank accounts and Transfer on Death (TOD) type of accounts can be as easy as just completing the appropriate paperwork and submitting it to the institution. Retirement accounts such as 401k’s can be a bit more challenging. The reason is these types of accounts get passed to a beneficiary under operation of contract. Which means in a lot of instances the account holder’s “will testament” cannot supersede this contract arrangement.

These are just a few of the issues involved in squaring away your finances after divorce. Please, do your homework and be diligent in setting up your life after divorce. Seek the advice of a qualified attorney or financial advisor specializing in estate planning. Seek advice on who exactly can be expected to inherit certain assets if you were to meet an untimely death. And then proceed to amend these accounts accordingly.

The information provided here is not legal or financial advice. It is information relating to certain finances after divorce you should look into and be aware of how they can affect your financial picture going forward.

Going through a divorce is tough enough. So avoid procrastination and get going setting up your life after divorce.

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