Are you getting divorced, in the middle of divorce proceedings, or recently divorced? 

The Stonebridge team will be able to help you work through your financial and estate matters by crafting a useful checklist to help you navigate into this new chapter in your life. This is not an exhaustive list and time requirements for some items may be controlled by your divorce decree:

Insurance:

Notify insurance companies or your insurance agent by phone, to request, and file appropriate forms to change beneficiaries and policies if needed:

  • Life insurance
  • Medicare supplemental policy
  • Medical insurance
  • Homeowners insurance
  • Automobile insurance

Banking/Investments:

  • Open new bank accounts in your name
  • Obtain Credit Card in your name
  • Close any joint or “authorized” credit cards
  • Obtain the three free Credit reports to ensure nothing was missed in the divorce
  • Change beneficiaries on all accounts
    • IRA’s
    • Employer plans (don’t forget old employers)
  • Change all bill pay and auto deposits to new individual accounts
  • Move all investment accounts per the divorce decree

Utilities:

  • Obtain your cell phone plan
  • Change all household utility accounts to your name
    • Electricity, water, gas
    • Internet service
    • Lawn/pest control, etc..

Titling:

  • Transfer automobile registration at the local tag agency
  • Ensure that Real Estate property is transferred according to the divorce decree
  • Retitle your homestead exemption

Legal:

  • Redo your will and other end-of-life documents
  • Contact an attorney to determine if a trust is needed

Other Professionals:

  • Meet with your CPA to identify other tax issues that need to be dealt with
  • Contact your old investment advisor or find a new one you are comfortable with to work on your new plans for the future

Moving forward:

  • Track your expenses to develop your new standard of living and budget
  • After consulting with your CPA, attorney, and Financial Planner make decisions regarding your future housing and employment issues.

Critical:

  • Stay connected to friends and family, no matter how difficult.
  • Seek out some form of counselling to ensure you move forward in a healthy way

This information is for educational purposes only. It is not intended to provide, and should not be relied on for, any tax, legal or investment advice. Please consult with your tax, legal or financial advisor prior to making any decision based on any specific information contained herein.