The court room drama has ended, yet too often the newly divorced fail to separate financially from their ex. Failure to separate yourself and the ex’s credit cards, bank accounts and your financial plans may have undesired consequences.
Now that your divorce is finished, please consider the following as suggested actions:
- Review all bank accounts and brokerage accounts and IRA’s verify who the owner and beneficiary of each account is.
- Review all credit cards verify that only you are on these credit cards as an authorized user
- Send letters to former joint credit card companies informing them that you are divorced and no longer responsible for liabilities on the old card
- Contact the insurance companies notify them of the divorce and that you did not want them to contact your ex and you do not want the ex as a responsible party.
- Verify the life insurance beneficiaries and owners.
- Verify all life insurance coverage
- Change your financial representatives, tax professionals, insurance agents etc. when appropriate so tat you have a loyal professional who will not disclose or work for your ex
- Notify the health insurance company, that you want your own account, your ex does need to get copies of your medical issues by logging onto the insurance company’s website
- Notify the school of the joint parenting agreement. While it may not apply to you, there are issues with parental kidnappings.
- Revisit your will and your financial plan. You may want to consider a change to the executor of your will, beneficiaries, or your health care agents.
Larry Goldsmith is an experienced Financial Forensic CPA who investigates and verifies financial income and assets in matrimonial matters.
CJBS, LLC is a Chicago based firm that assists its clients with a wide range of accounting and financial issues, protecting and expanding the value of mid-size companies. E-mail me at firstname.lastname@example.org if you have any questions about this posting or if I may be of assistance in any way.