Some divorces resolve quickly. Others may take months or even years before the judge signs the final divorce order. While it may be tempting to take a deep breath and go on a three-month vacation, there are some actions to take soon after your divorce is over.
Protect Your Finances
Many couples mingle their debt and sources of income during their marriage. While the divorce is pending, you and your spouse probably discussed ‘who owns what’ and ‘who owes what.’
However, post-divorce is the time to review the following critical financial issues:
- Make sure your bank account is entirely separate from your ex-spouse. You may have to alert the bank that you are the sole owner of an account. Another solution might be to close any joint accounts and open a new account under your name.
- Check your lines of credit, loans, and credit cards. See if you can remove your name from any debts that your spouse will pay. Alert creditors that you and your spouse have officially split.
- Consider subscribing to a service that will watch your credit for unauthorized use.
Keeping a close eye on your finances after your divorce could prevent trouble from a vengeful spouse and keep your money where it belongs – with you.
Prepare a New Estate Plan After Your Divorce
Everyone needs an estate plan, and that plan should reflect your current life circumstances. Married couples tend to leave everything to each other in their Wills. However, most divorced couples don’t want their ex-spouse to receive anything from their estate, so it is essential to update your estate plan.
Fortunately, California Probate Code Section 5040 states that the dissolution or annulment of a marriage revokes all disposition of property or appointments given to your spouse. Even though the law may protect your estate from your ex-spouse, it’s still crucial to change your estate plan. Also remember that if your power of attorney names your former brother-in-law (who now hates you), that appointment will not change automatically. Make sure you update all your estate plan documents, and not just your Will.
Seek Counseling, If Necessary
Just because the ink has dried on your final divorce order does not mean your hurt feelings have healed. Before moving on, you may need to talk to an impartial counselor who can help you deal with any emotional aftermath.
It’s Important to Take Care of You After Your Divorce Is Over
Talk to an experienced California divorce attorney today. Please call us at (415) 293-8314 to schedule a confidential appointment with one of our attorneys.Please call us at 415-293-8314 to discuss your case. The attorneys at the Law Offices of Judy L. Burger assist clients with divorce matters in San Francisco, Beverly Hills, Marin County, Santa Barbara, Ventura/Oxnard, San Diego, San Jose, Gold River (Sacramento), and surrounding communities.