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Top 10 Critical Financial Tips During Divorce


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1/14/2013
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I came across this informative article that lays out 10 financial steps to take during your divorce.

A summary of the financial recommendations the article suggests you take during divorce are:

    •    Devise a New Budget so you can now cover your own costs;
    •    Monitor Your Credit Report to make sure you maintain a good credit rating;
    •    Close any Joint Accounts you have with your husband!
    •    Open New Accounts of Your Own so you can reestablish your credit rating;
    •    Make a List of Your Financial Worth, a list of all the personal and real estate property you own;
    •    Asses All Liabilities i.e., how much money you owe and to whom;
    •    Update Your Beneficiaries on accounts, trusts, insurance policies ect… to make sure your husband is no longer a    beneficiary;
    •    Consult with a CPA or Tax Attorney to let you know how the divorce will effect your taxes owed to the I.R.S.;
    •    Review Your Insurance to make sure you are well insured with health insurance, life insurance among many others;
    •    Settle if You Can. Divorce cases can be very expensive. It is always better to settle and save the money if you can. But, that does not mean accept any settlement offered. Make sure to speak with a family lawyer before signing anything!

You can read the article at
http://www.advisorone.com/2012/06/27/top-10-critical-financial-tips-during-divorce?t=risk-management&page=2



Category: Divorce

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