Getting a divorce can be physically and emotionally taxing. After investing your time and emotions into a relationship, seeing it go down in flames can be heart-wrenching.
Afterwards, you might even feel lost and empty. We understand that, and we’re here to help. If you’re struggling to pave a path for yourself after the divorce, you’ve landed on the perfect article.
Here we’ve enlisted five steps you must take after a divorce that’ll help you in the long run.
Draft Your Will
A divorce might not nullify any existing will you might have written. But, once the formal decision of divorce is final, the testator’s spouse is assumed to have died. In such a case, the division of assets could become a cause of conflict.
If such a conflict reaches the court, it leads to evoking the Rules of Intestacy. To avoid such a situation, drafting your will is crucial. It ensures the division of your properties and assets as per your discretion and intention.
Change Your Surname
After your marriage, you might have taken your husband’s name or opted for a double barrel surname. However, after a divorce, you might want to reclaim your maiden surname. The Deed Poll serves this purpose for you. It is legal and the easiest way to change your name.
There are two types of deeds, Enrolled Deeds (For 18 years and above) and Unenrolled deeds (for below 16 years). They will let you put your new name in the public records.
Separate Your Finances
Once the divorce is final, you should shut down all your joint accounts credit cards or surrender them to the companies. Let the bank know that you are no longer liable for your spouse’s previous or ongoing debts.
- There are many things to consider while splitting your joint accounts. Some of the important ones are:
- Open up a new bank account under your name and a different address if that’s applicable.
- Ensure that the third parties know about the change and pay any benefits, wages, and other payments to the relevant personal account rather than the joint account.
- Split the money in the joint bank account and transfer it to your Personal accounts.
- Move your standing orders and all the other debits to the relevant personal account to avoid confusion.
- If there are any overdrafts in the joint bank account, clear them.
- Then, officially close down your joint accounts.
Check Your Financial Settlement
A financial settlement is an official court order deciding the splitting of assets between the spouses. It might include things like:
Property Transfer: The ownership of Marital Property goes to one of the spouses in the form of transferring a mortgage or transitioning a joint mortgage into an individual one.
Putting the Family House on the Market: Both the spouses split the profit amongst themselves in such a case.
Maintenance Payments: This stands for the payment of spousal or child maintenance for a specific period.
Look After Your Kids
No matter how much you try to shelter your kids, they’ll have to cope with the after-effects of the divorce. One of your priorities should be ensuring that your kids know they are not to blame and making sure you meet all their needs.
Divorce can be an unfortunate thing. But don’t let it bring your spirits down. Enjoy your freedom to your heart’s desire. Reinvent yourself, put yourself out there and make the most of life.
Meet your financial advisor and invest your money into things that will give you returns. Let the tips mentioned in this article help you tackle your post-divorce issues and chores.