Are you going through a divorce? Make sure you take care to complete these important tasks.
Your divorce may be one of the most challenging experiences of your life. When you finalize the process, you may experience an overwhelming sense of relief. However, once the paperwork is signed, the hard work isn't over just yet. There are still several steps you need to take after your divorce in order to start moving forward with your life. It's important to know exactly how to separate your life from your partner's so that you can both begin to move on. Properly separating your life legally and financially can ensure there are no surprises down the road. Here's what you need to know.
1. Update your bank accounts
While you shouldn't change your bank account information during a divorce since this could be considered hiding your assets, make sure you change your account information after the divorce is final. This could include removing your former spouse from the account entirely or, in some cases, you may want to simply open up another account. Some divorced couples choose to move their bank accounts to entirely new banks; however, this is up to you. If you and your former spouse share equal access to an account, they will be able to make withdrawals or purchases as they like. If you have chosen to move forward with your lives separately, make sure that this separation includes your finances.
2. Change your will
It's important for every adult to have their own will. Creating a will is a simple process that ensures your loved ones know what your final wishes are. Your will is important since it enables you to share whether you want a funeral, what type of burial arrangements you prefer, and of course, who your assets will go to after you pass away. If you have named your partner as your heir, you may want to change this after the divorce is final. Even if you are separated or divorced, your former spouse may be able to benefit from your will unless you physically alter the document with the assistance of an attorney. While your will should be regularly updated, this is even more important after a divorce.
3. Contact your insurance companies
It's also important that you update your health, vehicle, and home insurance policies. These steps are time consuming, but vital. If you need to file a claim with your insurance company, but you have changed your name, you could have trouble receiving compensation or coverage if your name does not match what the insurance company has on record. This should be one of the first steps you take after your divorce is finalized. Additionally, you may need to remove your former partner from your policy if they were covered under your insurance policy.
When you're facing a divorce, remember that you're not dealing with this alone. The right attorney can be an incredible asset. Reach out today to talk with a lawyer who can assist you during this time.