Divorce can be stressful, but you can avoid making a bad situation worse by ensuring your financial life is in order. Here are some steps to take if it happens to you or someone you know:
- Engage a family law lawyer to advise you of your rights and responsibilities and establish your plan.
- Make a list of your and your spouse's assets and debts.
- Open new bank and credit accounts in your name, and update any authorizations on existing accounts.
- Gather copies of all financial records and tax returns; locate birth certificates, education records and other documents.
- Request extra copies of your divorce/separation agreement.
- Review your credit report for accuracy.
- Create or revise your Will(s), Living Will, durable power of attorney for property, health power of attorney and trust.
- Work with your financial advisor to review your investments and retirement plan, and adjust as appropriate. Use our retirement calculator to learn more about the progress you're making.
- Review and update beneficiaries on your accounts and life insurance policies.
- Update financial plans for any children’s education expenses.
This checklist is just a starting point. Your financial advisor is available to assist you and help ensure your financial best interests remain a priority.
Edward Jones, its employees and financial advisors are not estate planners and cannot provide tax or legal advice. You should consult your estate-planning attorney or qualified tax professional regarding your situation.