You're going through a challenging and often traumatic event in your life - divorce. During this emotional time, it's important to protect yourself and plan for your future. As a single person again, you'll need to reorganize your financial affairs. After you've settled on a place to live, what's next?
  • Choose a credit union or bank and open a checking account in your name.

  • Establish other lines of credit in your name.

  • Pay off your existing bills.

  • Check to make certain you have health insurance. If you are currently covered by your spouse's plan, you have the right to continue that coverage for a period of time.

  • If you don't have a job, set out to find one.

  • Once employed, check into retirement savings plans offered by your employer or set up an IRA.

  • Seek help from welfare or private organizations, if needed.

  • Talk to a tax advisor about the impact of your divorce on your taxes. If you receive alimony, you may have to pay income taxes on that amount. Child support, however, is generally not subject to income tax.

  • Take a look at your will and change your beneficiaries, if necessary.

  • You may want to leave your investments alone for the time being. Buying or selling in haste can sometimes have negative consequences.

  • With the help of financial software or pen & paper, sit down and prepare a budget. What are your goals now as a single person?

  • Consider talking to a financial advisor for help with achieving your financial goals.