In the immediate aftermath of a hotly contested and altogether bitter divorce, there is no question that you will feel great relief. You will finally be free to devote all of your attention to your children and planning your new post-divorce life.
However, while you understandably want to take some time to focus on yourself and your family, it is also very important to remember that you need to plan for your post-divorce future. After all, the divorce has more than likely changed your financial and personal circumstances.
Today’s post will briefly explore two issues that require prompt post-divorce action …
As a newly single person, you will want to account for your new financial circumstances and any other major fiscal developments.
Proper post-divorce financial planning should typically address the following:
- The potential purchase of life insurance, disability insurance and long-term care insurance. This is truly important if you have any children.
- (Texas Family Code – Section 9.301 states that a former spouse is automatically revoked as an insurance beneficiary in the event of divorce.)
- Securing/establishment of a checking account, savings account and credit card. These steps can help establish a strong credit history.
- Formation of a comprehensive budget that accurately depicts your new economic circumstances (including any spousal support and/or child support payments/income). You will also want to include all outstanding debts.
As a newly single person, you will also want to create/update legal documents that reflect your new personal circumstances and honor your wishes. Documents that typically need to be updated include a will, durable power of attorney and/or living will.
To learn more about divorce or post-divorce planning, contact an experienced and skilled legal professional.
This post is for informational purposes only and is not to be construed as legal advice.
Stay tuned for more from our Ft. Worth family law blog …
Related Resources: Many Financial Hurdles Remain After a Marriage Ends (WVNS-TV)