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Managing your money after divorce

Divorce can be stressful and emotionally taxing, understandably leaving many divorcees with a number of challenges. While each of these challenges may seem to be of critical importance, it is particularly crucial that an individual undergoing a divorce effectively take control of their money and take steps to plan for post-divorce life financially. Seeking help from a qualified Maryland divorce attorney helps individuals to ensure that they have the energy and time necessary to properly focus on the important issue of financial management.

Those undergoing a divorce should be sure to close any bank or credit card accounts held in both their own and their ex-spouse's names. Failing to do so can not only give one's ex-spouse the ability to deposit and withdraw funds, but it can also result in debilitating debt and a ruined credit score. If one's spouse plans to continue using the account, one should contact the bank or credit card company managing the account and request that one's name be removed.

Because many assets are likely to change hands following a divorce, it is important for divorcees to organize their finances and maintain a schedule detailing any relevant deadlines or time tables. This helps an individual ensure that any time-sensitive transactions and title or deed exchanges are completed on time. In some cases, an individual can set up automatic payroll deduction or direct deposit for owed payments, making any remaining obligations easier to handle.

After a divorce, an individual should also meet with an attorney to modify their durable power of attorney, health care proxy and will to ensure that their ex-spouse does not maintain critical decision-making ability or inherit money or property in the event of their death. Likewise, a divorcee may need to change life insurance or homeowners insurance policies to make sure an ex-spouse does not remain a beneficiary.

Source: Huffington Post, "Five Post Divorce Financial Tips," Nancy Van Tine, Sept. 21, 2012

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