Revise your will, power of attorney, healthcare proxy, and beneficiary designations (life insurance, retirement accounts).
Review and Adjust Insurance Policies
Health, life, auto, and homeowners/renters insurance may need to be updated or replaced. If your spouse is paying child support or spousal support they need a Life policy on them for at least the total of future payments.
Retitle Assets and Close Joint Accounts
Transfer titles on vehicles, real estate, and investment accounts as outlined in the divorce decree. Close or convert joint bank and credit accounts.
Create a New Budget and Financial Plan
Reassess income, expenses, and savings goals. Consider working with a financial advisor to build a sustainable plan.
Update Legal Documents and IDs
Change your name (if applicable), update your driver’s license, passport, and Social Security records.
Secure Housing and Utilities
Ensure your living situation is stable. Set up or transfer utilities, internet, and other essential services.
Establish or Rebuild Credit
Open individual credit accounts if needed. Monitor your credit report for accuracy and potential issues.
Coordinate Parenting Plans and Schedules
Implement custody arrangements, co-parenting calendars, and communication protocols. Consider using co-parenting apps for smoother coordination.
Re-evaluate Retirement and Investment Strategies
Adjust your portfolio and retirement contributions based on your new financial goals and risk tolerance.
Prioritize Emotional and Mental Health
Seek support from therapists, support groups, or trusted friends. Healing takes time—be kind to yourself.
