You,re divorced, now what?

The documents have been signed and with that comes some relief (and of course the start of a new cycle of emotional healing). But what are the next steps? Getting your fair share of the marital assets was the main challenge to accomplish, but you haven’t stuck the landing just yet, there are still things that need to be completed to set yourself up for success going forward. The following is not the whole list but a place to start:

First and foremost is the home. Did you keep it and need to retitle the house in your name? You will want to file a Quit Claim Deed with the county to get your former spouse off the title. Do you need to refinance the mortgage (hopefully this was addressed prior to signing the final divorce settlement to make sure you are eligible to refinance)? This process needs to start right now.

Make sure all the accounts you are now a single owner of are titled correctly in your name These include home accounts (think utilities), bank accounts, investment accounts (update your beneficiaries on retirement accounts), and any other account that may need a name change. Some of this can be accomplished online and some may require your former spouse to initiate the change. Regardless, this is a very important step.

Update your will and estate documents. If you had your former spouse as your healthcare representative, power of attorney, or personal representative chances are you no longer want them to fill that role. You may need to spend some money to get this done but it is a worthwhile and a necessary expense to ensure you have your future set up for life’s what ifs the way you want it post divorce.

Look into all of your insurance needs and update account names and information. Your life or term insurance policies may need to have your beneficiaries updated and your home insurance will need to reflect the current title of your home. Your auto policies will need the same examination. Most importantly if you are not covered by your own health insurance you will have to find your own coverage or use COBRA to establish your own coverage with your former spouse’s company. COBRA allows you to pay for health insurance though your former spouse’s company for up to 36 months. However, this is typically expensive and you might be better off enlisting an insurance broker to help you find your own coverage or go onto the open market to look yourself.

These are just a few items that need to be addressed right after the divorce is finalized. Does this feel overwhelming? I can help you prioritize the list and make sure you keep on task to get this and all the other financial pieces completed in a timely manner. Remember, this is the time to move forward and flourish.