After your divorce has been finalized, you may begin looking forward to the next stage of your life. This can be a combination of excitement and intimidation. It can be tough to know what comes next and where to start. Once the divorce is final there may still be matters you need to handle; there may still be more for you to do. You may begin to reassess your finances and related documents, which is just as important to do as it was before and during your divorce.
Here are some updates you may wish to consider, as well as additional tasks to complete before embarking on the next stage of your life, post-divorce. It's not a full and complete list but it can at least be a starting point.
Post-divorce tasks to-do
Consider this post-divorce checklist that offers an overview of some suggestions to make after your divorce has been finalized.
- Name change Update accounts if you change your name on your legal documents like your driver's license, Social Security card, and passport.
- Utility bills Make sure the name on the utility bills reflects who is now responsible for paying them.
- Revise emergency contacts Update your primary emergency contact. Remove ex-spouse as health care proxy and as power of attorney (POA).
- Mailing address If you've moved, you may need to submit a change of address request with the USPS, so your mail is rerouted to your new address. Change your address in your accounts online, too.
- Employment documents Inform your employer you're no longer married and update appropriate documents (i.e. company records, health or life insurance plans, accounts regarding retirement programs).
- Change titles Update appropriate documents for any property ownership documents for titles/deeds and assets. Be sure to update those changes with the mortgage company too.
- Review your insurance coverage For your physical assets (i.e. car and home) obtain your own auto and renters/homeowners' insurance.
- Health insurance Make sure you are covered by health insurance. Remove your ex-spouse from your employer's health plan. You may also need to update your needs around income protection (i.e. disability insurance and long-term disability). Consider updating how you plan for longevity care risks and health care events, too.
Post-divorce financial updates
- Change your beneficiaries Your beneficiary designations on qualified accounts and insurance policies may take precedence over any instructions left in a will or other estate planning documents, so ensure the accuracy. Take time to revise or identify new beneficiaries in your will, life insurance policies, and retirement accounts. (Revise other estate planning documents accordingly too.) If you’re a Fidelity customer, review or update beneficiaries now.
- Update passwords Change your passwords, PINs, and ensure your account profiles and contact information are correct.
- Name change Notify your banking institutions, credit card companies, and all relevant businesses if you change your name.
- Update marital status Inform or update your marital status with all relevant businesses including all of your insurance carriers – health insurance, life insurance, disability insurance, and etcetera that your marital status has changed
- Close any accounts Close any joint accounts or change registrations to ensure you’re not liable for expenses your ex-spouse may be incurring.
- Open new accounts If needed open new financial accounts and get a new safety deposit box.
- Financial accounts Remove your ex-spouses name from banking accounts, investment accounts, retirement plans, insurance policies, credit cards, etcetera.
- Cash flow Review and update your budget. Aim to save 3 to 6 months’ worth of essential monthly expenses in your emergency savings account.
- Change your tax status Connect with a tax advisor, account, or financial planner to learn more about filing as a single filer instead of married or joint.
- Request your credit report Review your detailed credit report for any erroneous information that may affect your credit rating, and verify no joint accounts remain.
Post-divorce updates for parents
If you have children, outside of communication and all that's involved with keeping their best interest forefront, here are some updates to consider:
- IRS Form 8332 Have a discussion with your ex-spouse and come to an agreement regarding who will claim the children as exemptions. The noncustodial parent may need this form (Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent) attached with their tax return.
- Name change Inform childcare facilities, schools, or after school programs of your name change.
- Contact information If needed, update contact information like emergency contacts, pick-up/drop off permissions, addresses, phone numbers, and etcetera for childcare facilities, schools, or after school programs.
- Record keeping Keep track of medical expenses and copays, child support, visits and any other child-related expenses.