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Attorneys at Raleigh Divorce Law Firm

Financial checklist: What to do after your divorce

On Behalf of | Mar 13, 2020 | Divorce |

Finalizing a divorce is often wrought with many emotions. You might feel grief over the official end of your marriage, but also a sense of relief that you can finally move forward with your life.

However, finalizing the paperwork is not necessarily the last step in the process of your divorce. There are a few things you must remember to do even after you officially get divorced.

Take these steps to protect your finances after your divorce

Getting a divorce officially ends a marriage and divides the couple’s assets, so that the former spouses are financially independent from each other. However, here are a few essential steps you must take to complete the process according to your property division settlement agreement. These steps include:

  • Physically dividing your property and assets according to the agreement
  • Canceling your joint credit card accounts to protect your credit score
  • Removing your ex-spouse from any estate planning documents
  • Changing any beneficiary designations on your retirement and bank accounts and your insurance policies
  • Ensuring your ex-spouse pays child support and alimony as agreed

If you need help with any step of the process, don’t be afraid to reach out to a legal professional. A lawyer can help you not only during your divorce but afterwards as well.

The next step? Follow a budget

Not only must you get your finances in order before a divorce, you should also create a budget to match your post-divorce financial situation. There are several factors that go into creating a budget. Once set up, it is important to stick to this budget. Don’t be too hard on yourself, however. You may need to adjust your budget as you settle into your new life.