Actions To Be Considered After A Divorce:
Divorce can be one of the most challenging experiences that a person can go through in one’s lifetime; whether you are one of the spouses getting a divorce or a child experiencing a parent’s separating. At McKernan Law, our job is to make this process stress-free for all parties involved. That is why we have created a simple checklist for all of our clients and friends in our community to follow when preparing for divorce:
Here's a checklist for safeguarding your finances after a divorce:
Close all joint accounts with your ex-spouse and set up your own.
Apply for credit in your own name to begin (or continue) strengthening your credit record.
Assess your tax situation. You may need to update your withholding allowances to reflect your new filing status.
If you have dependents, update your life insurance policy(s) or obtain life insurance coverage. Consider a disability policy to protect your income should you become injured or disabled.
Update the beneficiary designations on your investment and retirement accounts, as well as any existing life insurance policies.
Update your estate planning documents, including establishing a new Will, Trust, and Power of Attorney.
Retitle any previously joint assets that you received in your divorce settlement, such as a home, car or investment shares.
If you change your name, notify the Social Security Administration well in advance of filing your next tax return.
For further information, please contact me at https://kmckernanlaw.com