Going through a divorce

 A person seated in front of a window, sipping coffee in deep contemplation.

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:

  1. Engage a family law lawyer to advise you of your rights and responsibilities and establish your plan.
  2. Make a list of your and your spouse's assets and debts.
  3. Open new bank and credit accounts in your name, and update any authorizations on existing accounts.
  4. Gather copies of all financial records and tax returns; locate birth certificates, education records and other documents.
  5. Request extra copies of your divorce/separation agreement.
  6. Review your credit report for accuracy.
  7. Create or revise your Will(s), Living Will, durable power of attorney for property, health power of attorney and trust.
  8. 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.
  9. Review and update beneficiaries on your accounts and life insurance policies.
  10. 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.

Important Information:

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.