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Preparing to be single Anyone contemplating divorce should consider the following: |
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- Prepare a budget. Capturing expenses over the past three months is a good place to begin, and then note expenses that come semi-annually, annually, or that may be necessary in the coming years. In other words, determine what it will cost for you to live.
- Obtain a credit report. Check for errors and get any necessary corrections made right away.
- Close joint accounts on credit cards and bank accounts; open new ones in your name only. This does not insure that spouse will not be due his/her portion but will give you control of those assets until determination.
- Gather statements of assets, liabilities, tax returns, etc.
- Consider the health insurance alternatives. It may be that your spouse will continue to carry children on the insurance, but it is not as likely that you will continue to be his responsibility for health coverage.
- Inventory your safe deposit box or other places you may have special documents or valuables stored.
- Update wills, trusts, and beneficiaries on life insurance, annuities, and/or retirement plans.
- If there are particular gifts and/or inheritances personally designated for you, note those.
- Interview professionals, i.e. CPAs, attorneys, and certified divorce professionals in contemplation of whom and what kind of professionals you wish to help you through and after the divorce. This will be critical for your comfort level.
- Think of how you will take care of yourself physically and emotionally; schedule times for exercise, being with friends, and doing those things that will help you to prepare and stay on track for good health and staying as unemotional as possible.
- Above all, make no rush decisions. Think clearly and objectively and feel good about the decisions you are making for a new time in your life—that of being single. As you close out one part of your life, think positively about your new beginning.
Securities offered through National Planning Corporation (NPC), Member FINRA/SIPC. Wealth Strategies Group and NPC are separate and unrelated companies.
Advisory Services offered through Wealth Strategies Advisory Group (WSAG).