While an estimated 45% of all marriages in America end in divorce — one every 15 seconds — no situation is quite the same.

There is heartbreak, of course, but also many personal variables to consider. Are there kids? Do you own multiple properties? Did you sign a prenup? Is there a shared bank account or equal investments? The list can go on and on, which is why the financial steps after divorce will vary from one couple to the next.

In this article, we put together a financial checklist to help in managing money after separation and how to split assets in a divorce. Keep reading for information that may help you find your way

The Comprehensive Divorce Financial Checklist

It’s a lot to take in and consider. But for those recently separated, and on the way to divorce, it’s vital to think clearly and thoroughly about your personal financial status and how that may change post-divorce. Here are some must-include items on your divorce financial checklist.

Everyday Banking And Finances

All aspects of your finances need to be reviewed as part of an effective financial checklist. That includes basic, day-to-day banking and bank accounts.

A divorce agreement will likely divide balances between spouses in some way, but then you should prioritize ending savings, revolving credit, and checking accounts that are held jointly.

Learning how to split assets in a divorce means you’ll also need to create new checking and savings accounts in your name, as well as ATM and credit cards.

Mortgage/Rent

If you have a mortgage lender, letting them know about your separation and pending divorce is a big priority on any divorce checklist. You may also need to speak with your rental unit manager or landlord if your spouse is on a lease. 

In a divorce, there may need to be a settlement of the shared estate, and in that case, you and your spouse should figure out who will be covering the mortgage payment in the meantime.

If utilities are in your name and you’re leaving a shared home, take your name off the accounts. If you’re staying put, take your spouse’s name off any utility bill. 

Gather Financial Documents

There is a lot of important information to collect as part of a divorce financial checklist. Be sure to gather anything involving money, including insurance policies, bank statements, investment or business papers, tax returns, and car registrations and titles. 

Then create your divorce document, noting all debts, income, and additional assets that will help make the property settlement go smoothly. It’s also helpful to note information about both of your employers, as well as current salaries and extra financial benefits tied to work. 

Make A Post-Divorce Budget For Financial Stability

Don’t wait until you’re officially divorced to start planning for your new life financially. Start things off by managing money after separation with a new budget just for you, including a rundown of your needs, wants, and expected monthly income.

In addition, it’s a good time to start investing in an emergency fund or a new, realistic goal for savings.

Review Beneficiaries

The majority of people make their spouse the sole beneficiary of insurance policy payouts or investment earnings. Be sure to double-check all of your financial accounts that earmark a beneficiary and change them when applicable. 

It’s also a good time to amend an estate plan or make an entirely new one. Estate planning may include a living will and a trust, and also dictate power of attorney for health and financial decisions. All areas may need to be reevaluated in light of a divorce.

Refine Retirement Plans

Some issues may arise if you neglect your retirement plan as part of a divorce financial checklist. In addition to other divorce advice, make sure the beneficiaries are up to date on your retirement accounts. Look at whether you need to make changes related to a soon-to-be-former spouse’s retirement plans sponsored by their employer.

You may be entitled to retirement assets and qualify for part of a rollover IRA that is in your name. 

Emergency Funds

For those facing immediate expenses with no emergency fund or financial planning, using options like payday loans, credit lines, or borrowing from family may provide the financial relief you need. At Fast Payday Loans, Inc., we can help you use payday loans as a cash advance to bridge the gap between paychecks when an urgent expense pops up and you come up short on the payments.

Consider Payday Loans For Financial Emergencies

The transition from marriage to divorce and being single can be challenging to navigate, especially when an unexpected financial issue arises.

Payday loans are short-term loans offering small amounts of cash specifically designed to help those coping with unexpected financial pressures between paychecks, such as a hospital bill or a car or home repair.

They are easy to qualify for in as little as 30 minutes and are generally paid back on your next payday. At Fast Payday Loans, Inc. of Florida, we offer loans of up to $1,000 for those who qualify.

It all starts from the comfort of your own home. Just fill out the short online inquiry form on our homepage. Once submitted, one of our loan representatives will give you a call to discuss the payday loan required items and guide you through the rest of the quick process.

Once you qualify and are approved, the cash you need is yours either the same day or the next business day.

Get Started Today!

Having a plan to start managing money after separation, or implementing well-thought-out financial steps after divorce, can be a lifesaver as you enter a new phase in your life. However, financial emergencies can happen to anyone at any time. If you need a little extra help, you may want to explore your options and consider a payday loan as a good resource for financial relief.

Just start on our homepage with our online inquiry form, give us a call, or visit us today to see how a payday loan may help you.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.