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How can I avoid unexpected financial problems after divorce?

On Behalf of | May 13, 2015 | Divorce

Depending on the specific circumstances of your divorce, you may have found yourself overwhelmed by all of the different aspects that go into establishing a divorce settlement. And now that your divorce is officially finalized, you may feel as though there are still arrangements to be made. Provided below are a few practical steps that you can take to help ensure that no loose ends follow you and your family after divorce proceedings have ended.

Discussing some of the many issues that can arise after divorce, Forbes recommends that you should review any lines of credit and loans that you have after your divorce is finalized. It is important to be aware of any joint accounts that you maintained with your spouse during your marriage so that you can close them immediately. It is also advised that you check your credit report to confirm that no fraudulent activity has occurred.

Another important thing to keep in mind is that divorce can have a major impact on your taxes. Therefore, you may need to consider updating your IRS information and reviewing any tax exemptions that you could now be eligible for. Determining factors like your filing status and all forms of taxable income can be necessary to account for the specifics of your divorce settlement, as well as your individual finances. Your role as the custodial or noncustodial parent of your child, for instance, can have a significant impact on how you file your tax return.

Lastly, it can be incredibly advantageous to revisit personal documents, estate plan, and beneficiary arrangements to be sure that they reflect your new life and wishes. Documents like living trusts and powers of attorney may need to be amended to cite other parties than your ex-husband or wife, such as your child. Similarly, you may wish to change who is identified as the beneficiary of any retirement and/or savings accounts.


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