While divorce is final, you and your ex-spouse may still be connected financially. A recent article in Forbes shared steps that couples need to take to become fully fiscally independent following a divorce. The major areas highlighted include:
- Credit Cards: Establish credit in your name only and cancel any joint credit cards.
- Estate Planning Documents and Beneficiaries: Update your will, insurance policies, retirement accounts, and any other accounts that may list your former spouse as beneficiary.
- Home: Update the names on mortgages or leases for whoever remains in the family home, refinancing if necessary.
- Alimony and Support: Set up automatic transfers for child support payments and alimony payments.
- Health Insurance: Ensure you are covered under COBRA if necessary and, eventually, a new policy of your own. Investigate Affordable Care Act coverage, as well.
- Name/Address Changes: Keep a copy of your divorce decree handy for any name and address changes, such as your driver’s license, bank accounts, and utility bills.
While a divorce agreement will specify parameters of who gets what, it does not usually offer an action plan or timelines post-divorce. If you are seeking a marital settlement agreement in Pennsylvania and looking for experienced family law attorneys, email firstname.lastname@example.org or contact us online.