Post-Divorce Checklist
Regardless of whether your divorce was lengthy and complicated or straightforward and swift, it’s important to address all outstanding matters to finalize the process. Below, you’ll find a list of requirements that may apply to you.
Life Insurance Beneficiaries
It’s a good idea to proactively update the beneficiaries on your life insurance, retirement plans, and pay-on-death bank accounts. This ensures that your benefits or funds go to the intended recipients. If your decree does not require you to keep your ex-spouse as a beneficiary, consider designating your children or another family member as the new beneficiaries. Additionally, you should review your other insurance policies, such as auto and homeowners’ insurance, and obtain new policies if necessary.
Update Estate Planning Documents
After your divorce is finalized, it is crucial to take the necessary steps to update your estate planning documents to reflect your current circumstances accurately. This process may involve revising your will to ensure that your assets are distributed according to your wishes, updating your trust to align with your new situation, and modifying your beneficiary designations to remove or replace individuals as needed. Additionally, reviewing and adjusting any power of attorney designations is wise to designate someone who reflects your current relationship status and trust. For personalized guidance and support in navigating these critical changes, consider contacting Beresford Booth, which boasts a highly regarded estate planning practice group ready to assist you in this important endeavor.
Update School and Medical Records for Children
If your children will be spending time with both parents, it’s wise to provide the school and teachers with updated addresses and contact information for each parent. This ensures that you can stay informed without constantly updating one another. It’s also helpful to speak with your children’s teacher to inform them that you have finalized the arrangements. You can update them on your child’s schedule and let them know that your child may be experiencing strong emotions in the upcoming weeks or months.
Obtain a Copy of Credit Report
Thirty days after your divorce has been finalized, obtaining a copy of your credit report is essential. This step is crucial as it will allow you to verify that all joint accounts you shared with your ex-spouse have been properly closed. Checking your credit report at this point will help you identify any lingering accounts that could negatively impact your credit score moving forward. Additionally, it will protect you from any potential financial missteps that your ex may make, as such actions could affect your credit if joint accounts have not been settled. This proactive measure ensures you can begin rebuilding your credit independently and securely.
Passwords and Online Account Access
Changing your passwords and securing your online accounts can help you feel more at ease as you and your ex embark on the next chapter of your lives. Often, couples who have been together for a long time may not realize how many accounts are linked, which can lead to potential issues. Taking care of this promptly after your divorce is finalized can help you achieve a fresh start.
Self-Care
Going through a divorce can take a toll on your mental health. It’s important to set aside some time for yourself and acknowledge the small joys in life. Even amidst the pain, there can be moments of happiness, and recognizing these joyful moments can aid in your healing process and help you move forward with love.
To learn more about Post-Divorce Checklist, please contact Beresford Booth at info@beresfordlaw.com or by phone at (425) 776-4100.
