Divorce Financial Planning, LLC has a comprehensive checklist of financial and personal changes that should be made before the divorce document is finalized. Here are just six examples:
- Verify that all jointly held credit card accounts are closed.
- Move personal property out of a joint safe deposit box to your own personal one.
- Review/change your beneficiaries for life insurance and investment accounts.
- Review/change the name on your power of attorney and health care power of attorney documents.
- Update your will.
- If a new insurance policy will play a role in the divorce settlement, make sure the spouse being insured has an insurance physical before the settlement is finalized.