Finances After Divorce
February 15th, 2018

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 or contact us online.

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