Divorce: Post-Divorce Checklist

  • Be sure any asset that was registered in both your names has been changed, such as your car registration or brokerage accounts.
  • Let your creditors know that you are divorced and that your ex is now responsible for certain debts. Ask them to let you know if he isn't paying, so that your credit rating doesn't take a hit.
  • Sit down with a financial advisor and make sure your investments are right for your risk tolerance. Try not to be too conservative.
  • Keep good records of child-support payments so that if your ex is late or doesn't pay the right amount, you have a log of it.
  • If you have custody of any children, keep good records of their expenses as well. That way you can document wha tthe real costs of raising the kids are compared with what he is paying you to support them.
  • Don't spend extra of kids because you're feeling guilty. Discuss your new financial situation with them and be honest. In the end, they won't love you any less, and you'll have more saved to pay for their education and other essentials.
  • Request a written document from your attorney and other experts showing the portion of their fees that is deductible under IRS code Section 212.
  • If your former spouse intends to work with the prior accountant and financial planner, ask your friends or business associates who they might recommend.
  • Prepare income-tax estimates with your accountant, so that you can begin making quarterly tax payments. Bypassing this important step could cost you IRS fines and penalties when you file your return.
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