Finances Post Divorce with Loretta Hutchinson
There is a series of steps…that most people don’t take because you are so relieved to be done.
- A Living Will or Power of Attorney needs to be updated so your life is not in your ex’s hands; you can do one online but have a professional review it if kids are a consideration
- Make sure the beneficiaries on your 401K, IRA or Life Policy specify the right person; it was probably your spouse during your marriage. You may need to adjust your insurance payouts so that they are equitable and make sure it’s getting paid
- You are entitled to ½ your spouse’s social security after 10 years. But if you remarry before that, it transfers to new spouse.
- Health Insurance is a big question mark. Make sure you address what coverage you will have. COBRA can cover you through a transition even if you pay a bit of a premium
A little more effort to truly reach the finish line could prevent some big financial headaches later.