Finances Post Divorce with Loretta Hutchinson

Once the divorce is closed out, you’re done, right? Not at all. Most people are so relieved to be done that they chuck the documents in a file cabinet and open a bottle of wine. But, there is a series of important steps to really close things out that is vitally important.

There is a series of steps…that most people don’t take because you are so relieved to be done.

  1. 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
  2. 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
  3. You are entitled to ½ your spouse’s social security after 10 years. But if you remarry before that, it transfers to new spouse.
  4. 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.  

About the Author Barb & Jo

Through the process of our own divorces, Barb Hazelton and Jo Briggs learned more than they ever needed or wanted to know. Through their friendship, shared experiences, and connections through navigating their own divorces, they created this video series. They've been where you are and they hope Single Process can make it easier for you by connecting you to their resources.