Divorce is a reality for many couples and families. If you are going through a divorce you know in addition to emotional issues, you are dealing with many financial challenges that may include child support and division of your financial assets. Divorce will have a tremendous impact on your financial future. Meeting your financial goals under new circumstances will take planning and good advice.

What To Consider

Beginning a new life financially

You will want to order copies of your credit reports and open new bank and credit card accounts in your name only. Close all unused credit accounts, and notify your creditors of your change in marital status.

When your divorce is final and assets have been legally divided, change names on house deeds, stocks and bonds, and car titles, as necessary. You may want to review beneficiaries on investments, retirement plans and savings accounts. Update your will. Check your credit report to make sure your spouse hasn't incurred debts in your name since your divorce or separation.

Insurance issues

Divorce will affect your insurance coverage. You'll have to cancel auto insurance policies written in both names and purchase separate policies. Review the beneficiary designations on all your insurance policies. Your dissolution agreement can require your ex to purchase life insurance with your children as beneficiaries.

If you are moving to a new home or apartment you'll also want to review your homeowners or renter's insurance policy.

You'll need health insurance. If you don't have access to health insurance at your work, you might want to negotiate funds for health insurance coverage until you find new insurance.

How Harborstone can help

There are so many issues to consider when getting divorced. Among the most important is how to succeed at your new financial life. Once you have experienced a divorce you may want to re-evaluate your financial plan. A Harborstone Financial Advisor can help you sort through your many options, assist you in opening new accounts and selecting the right insurance and investment products to help you meet your obligations and achieve your new goals. To schedule a complimentary appointment with a Harborstone Financial Advisor, call (253) 589-8396 today.

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