At some point, most people who go through a divorce get to the point where they are willing to think about dating again. Of course, if you have been married for a while, that can be a daunting prospect because it may have been quite a few years since you last went out on a date with someone other than your former spouse.
We have some tips to help you comfortably ease back into the dating scene.
Once your divorce is finalized, it is time for you to start over—in more ways than one. Financially, you are on your own for what is likely the first time in years, which means you need to revisit the financial planning strategies you use and reassess your financial picture.
Below are a few tips for post-divorce financial planning that will help set you up for a stable future:
Conduct a thorough review
Take a close look at all your financial information, including income and expenses. Pay close attention to where your money is going each month and where you can afford to scale back. You should also review your assets, your tax situation, your credit and bank statements, your credit score and the state of any loans and other debts you currently have.
If you have children, make sure you can are also planning ahead for their ever-changing needs such as driving, school expenses, braces, etc. Is the other parent obligated to help with these expenses, or will they be solely your responsibility?
Think about the future of your career
If you have been a stay-at-home parent, you will need to get back into the workforce, which could be a daunting task if you have been home for a while or if you need additional education or training to find gainful employment.
How much training will you need? Will you need a degree for the job you’re seeking? What type of costs are associated with tuition and books? All these questions will influence your financial planning.
How to Handle Your Estate Planning After Divorce
If you created an estate plan while you were married, but have since gotten divorced, you will need to make some upgrades to ensure your plan reflects your current life circumstances. You do not necessarily have to completely start from scratch, but it is important to take a close look at each element of your estate plan and figure out if anything needs to change.
Below are some tips for how to handle estate planning after a divorce:
Review your beneficiary designations
Some assets allow you to name a beneficiary, such as life insurance policies, employer retirement plans, annuities, HSAs, IRAs, bank accounts and investment accounts. Most people simply name their spouse as their primary beneficiary and someone else as the alternate beneficiary.
Unless you are required by your Judgment or want to keep your former spouse as a beneficiary, make sure you review all of your beneficiary designations and remove your former spouse as your primary beneficiary so he or she does not inherit money or assets that you want to go to someone else. You can name anyone you want as your beneficiary, including minor children, but they will not be able to fully inherit until they come of age.
Wills and trusts
If you do not update your wills or trusts, your former spouse could possibly inherit your assets and pass them down through his or her family instead of yours. Take some time to carefully review your wills and trusts with a competent attorney to ensure your estate will be handled in the way you want. Keep in mind that you are not limited to naming only your children; you can also name friends, extended family members, and even charitable organizations.
If you have minor children, you must name a guardian in your will who would take care of your kids in the event of your death. This will automatically be the other parent if he or she is still alive but, in case that person has passed away or had parental rights revoked, you should name a backup guardian who you believe would handle the duties of the position well and bring your children up in a way you believe to be consistent with your parenting style.
Financial powers of attorney
If your former spouse had financial power of attorney, make sure you revoke that power so he or she is not able to legally handle certain financial transactions on your behalf.
Advance directives like healthcare power of attorney and living wills are medical documents that allow a person to make healthcare decisions on your behalf if you are unable to make them for yourself. Most of the time, people give this power to their spouse. But if you are divorced, you may not want your former spouse to make life-and-death decisions. Consider giving this power to a trusted adult child, close friend or parent instead.
For more tips and considerations regarding estate planning after divorce, meet with an experienced Fresno and San Diego attorney at The Law Office of Rebecca Medina.
If you are a divorced parent with custody and would like to move to a new location, whether it’s for work or any other purpose, there are some things you will need to consider regarding the other parent’s rights and your child’s best interests.
First, check your Judgment to see if there are any restrictions on either parent’s ability to move the child outside a particular county or counties as restrictions are common in custody orders.
In some cases, the custodial parent must provide the noncustodial parent with advance, written notice of his or her intent change the child’s residence to give that parent a chance to object with the court.
Once the court receives the objection, it will schedule a hearing to address the issue.
The court’s decision
The court will consider the following factors when deciding if the move is in the child’s best interest:
Whether your divorce was a relatively amicable process or a harrowing and contentious ordeal, signing those final papers signifies closing one chapter of life and opening a new one.
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