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Tips to Help You Rebound Financially After an Uncontested Divorce - Part II

Obtaining an uncontested divorce in Florida comes with many benefits. An uncontested divorce will minimize your time spent in court, speed up the entire divorce process, and put you in the driver’s seat in deciding some of the most important issues associated with divorce. In an uncontested divorce, you and your spouse will generally reach a mutual settlement agreement concerning numerous factors, including the division of marital property and liabilities, as well as financial concerns, such as child support, health insurance, and the like.

Even though an uncontested divorce comes with the significant financial benefits of reduced attorneys fees and advance agreement as to financial obligations and property division, it will still impact your finances. Following many divorces, the separating spouses will lose the addition of one income, along with moral support, retirement benefits, and the safety net that generally comes from having a partner.

In Part I of this two part series, we examined three tips to help you rebound financially following your uncontested Florida divorce. We discussed the importance of continuing to plan for your retirement, and of reexamining your investments to maintain a balanced portfolio after a divorce. We then examined the significance of rebuilding your credit following a divorce. Lastly, we addressed the need to update your estate planning after your divorce as divorce so often impacts the designation of beneficiaries, executors, guardians, and the like.

In this final part, we discuss some additional tips to rebuilding your financial life after divorce.

#4: Update Your Beneficiary Designations

In the event of your death, you do not want your assets to go to the wrong person. Often, your spouse is named as your beneficiary on retirement and life insurance benefits. Accordingly, make sure your current wishes are known. Update beneficiary designations on all retirement accounts and life insurance policies. Additionally, retitle any assets you received in the settlement, including homes, bank accounts, or vehicles, so that they are solely in your name.

#5: Review Insurance Policies

While you are updating your beneficiaries, it is also wise to review your insurance policies to make sure your insurance covers the people and things you want. Be sure you are not paying for health, life, or disability insurance for your former spouse, unless you have agreed to do so.

#6: Take 100% Charge of Your Financial Decisions

In many marriages, one spouse typically pays all the bills, invests for retirement, and manages accounts. The other spouse stays out of the financial loop and may have limited knowledge as to household finances. After a divorce, each spouse will have to assume responsibilities for themselves.

Whether or not you were a part of financial decision making during the marriage, you will be 100% in charge of your financial future following a divorce. As such, it is important that you take control by developing the skills and knowledge to manage your finances effectively. Take ownership of your new financial leadership role and use it to protect your finances for the benefit of those who need you to, such as your children.

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