It is important in times like these for a spouse to make sure he or she has a good grasp on finances, along with other divorce legal issues. This includes having an understanding of one’s budget, including cash flow and expenditures, one’s estate plan and one’s retirement. Some spouses may need to seek the help of a professional with these matters, particularly if their ex handled the family finances during the marriage.
If there are no children in the marriage, continuing to carry life insurance when one is single may not be necessary. However, carrying disability insurance may be of a greater importance.
In addition, the amount of money each spouse has saved for emergencies may go down after a divorce, and it may take time to build it back up since there are no longer two incomes being channeled into it. Spouses may also find that one’s expenditures have changed following a divorce, sometimes for the better if one is no longer supporting his or her ex’s bad spending habits.
Finally, spouses may need to sit back and take a look at their estate plan. If one’s ex is listed as power of attorney or is an heir in one’s will, these documents may need to be changed. Similarly, if one’s ex is listed as a beneficiary on one’s 401(k) or life insurance policy, this may also need to be updated.
These financial steps are only the beginning when it comes to one’s finances after a divorce. Moving on financially from married to single can present some hurdles and may be difficult to handle alone. The advice of an attorney or financial professional may help the process run more smoothly singulair dosage.