Plan a Visit with Your Attorney & Financial Advisor Post-Divorce
As much as you may want to take a break and exhale when your divorce is finalized, you now have a new to-do list. In addition to attending to everyday life to-dos, your post-divorce to-do list includes some important things. We put some of our recommendations in our previous blog, but because the legal and financial items are extensive, we put them in this separate article.
Things to Discuss with Your Family Law Attorney
Whether your family law attorney was also your divorce attorney or not, they can help you through the paperwork you need to re-do as a single person. Because spouses are often powers of attorney for each other and beneficiaries in a will, you should have new ones created as soon as possible. If you have children from the marriage, you should also consider establishing a trust for them to ensure they are provided for if necessary. If you are legally changing your name, you may also want to consult with your family law attorney about that process.
What to Ask Your Financial Advisor About
Few life events affect your finances like divorce. Whether you receive or pay child support or alimony, you no longer live on the same income. You need to make sure that you begin planning for your new situation as soon as possible. You may realize that you need to increase your 401k/IRA contributions. Some individuals lose health insurance and must find a way to pay for that out of their already tight budget. Also discuss the tax implications of your divorce as you may need to change what you are withholding through your W-4. Remember to check your credit report to make sure that all joint cards are canceled if you have yet to do this.
Let Wagstaff & Pitelis Help
If you have yet to speak with both your family law attorney and financial planner about your post-divorce situation, you should make a call to schedule time with both, sooner rather than later. If you do not have a family law attorney, Wagstaff & Pitelis can help. Our experienced team can help you with a will or trust as well as powers of attorney and other forms every individual should have. Call us today at (727) 584-8182 or fill out our contact form.