The divorce attorney manages the process and guides you through the transition, but what about after the divorce? Once final, reality often sinks in and the anxiety about the future can be overwhelming.
A good team of professionals, who can work together, to help move you forward in a productive and calm manner is absolutely necessary. Various situations and questions will come up after the divorce is final and knowing you have the right people on your side makes all the difference.
A few key elements to consider:
Are they still aligned with your objective, goals and plans for the future? It is important that the risk inherent in the portfolio is still at a level with which you are comfortable and reflects your set of values as a newly single person.
- Estate Planning
Are all of your documents in place? Do the retirement accounts have the correct beneficiary information? Is the information or guardian of your children to stay the same? You need to revisit all the legal documents.
- Child Support
How will inflation impact child support as the children grow up? It is very important to understand the impact rising costs will have on the future. Their needs, health care, schooling and other concerns all need to be addressed in a timely manner.
- Social security
Make sure that you are set up online to get updated information on yourself. The statements will not come in the mail anymore, so the responsibility lies with you to make sure they are all accurate. This step is often missed! If you were married for ten years or longer, you will be eligible to collect derivative Social Security benefits based on your ex-spouse’s earnings record when you reach retirement age (if you aren’t married to someone else at the time).
- Team of Advisors
Make sure your accountant, attorney and your financial advisor talk to each other about your future and are aligned with your goals.