Managing Your Money After a Divorce
Once you're on your own again, take your time and evaluate your new financial situation carefully before making any decisions.
Start with the practical details.
To make your financial transition smoother and to make sure your new life is reflected on all your financial documents, be sure to do the following:
- Take the necessary steps to make any name change official. Get a copy of your court order for use when requesting that agencies and creditors change your name in their records.
- Review and update files for all personal accounts and property.
- Update your will and estate plan.
- Update beneficiaries for your IRAs, 401(k) plan and life insurance.
- Update your health and life insurance records as needed.
- Update your name on the titles of all property you own.
- Request copies of your credit report to check for accuracy. You can request copies at AnnualCreditReport.com.
- Update your income tax filing choices and W-4 as needed.
Create a plan for the present and the future.
Divorce often results in a new financial reality—and new financial challenges. But it doesn't have to be overwhelming.
Get more tips and insights about what you can to do to create your own financial security, such as how to:
- Set short- and long-term goals.
- Develop and stick with a budget.
- Build a financial safety net.
- Plan for retirement.
- Review and rebalance your investment portfolio.