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Life 101: Divorce and Finances

Take hold of your finances after a divorce with these tips.

When going through a divorce, it is important to set aside time to evaluate your finances and make any updates. This list of must-dos can help you protect your financial and emotional health as you move forward.

THINGS TO DO

Collect and make copies of important documents:

  • Tax returns
  • Financial and bank statements
  • Retirement and insurance account details
  • Wills

Note passwords and usernames to online accounts.

Change your address as necessary.

Establish a separate bank account and change direct deposits.

Update beneficiary designations for retirement or investment accounts and insurance policies.

Inventory your home. List items by value as well as any sentimental pieces.

Consider finding a reputable divorce lawyer, whether you plan to go to court or mediate. A divorce involves several contracts, and legal expertise can be helpful.

Evaluate your budget. You may have increased living expenses, including rent or a new mortgage, as well as a change in tax status. Take stock of your assets and debts, too.

Create new legal personal documents, including a will and power of attorney.

Investigate life and health insurance options. If you are on a spouse’s policy, you will need to find your own coverage.

Do not sign anything until you have time to evaluate its immediate and future impact.

Focus on the future. Be sure to take care of yourself and ask for help when you need it.

Your State Farm agent can help you navigate insurance and financial decisions throughout the process.



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