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Five Financial Tips for the Newly Divorced

Divorce can be a challenging and overwhelming time. It may seem as if you are called upon almost daily to make decisions that you feel unprepared to make. While that is a completely normal feeling, it is important to take some key steps that can help secure your new financial future.

Here’s a look at five steps to take to get you back on track:

  1. Check your credit report. During a divorce, your credit score can take a hit. Perhaps you thought your spouse was paying certain bills and they didn’t get paid. Also, sometimes the credit agencies just get it wrong and make mistakes on your report. Go to annualcreditreport.com to check your credit score as soon as possible.
  2. Update your power of attorney. If you’re like most people, you probably listed your spouse as your agent on your healthcare or financial power of attorney. You should appoint a trusted friend or family member to make these decisions for you if you are unable to due to illness or injury.
  3. Update your will or trust. You will want to change the beneficiary on your will or trust if you don’t want your ex-spouse receiving your assets at your death.
  4. Update your life insurance and retirement beneficiaries. You should name new beneficiaries on your life insurance and retirement accounts so that your ex-spouse won’t receive those assets upon your death.
  5. Consider long-term care insurance. It’s advisable to buy long-term care insurance, especially if you are living alone. Expensive healthcare costs like nursing home care can add up very quickly. If you are still in good health, these policies can be affordable.

Taking these steps will protect you and your financial future as you begin your new life. Your trusted Pinellas County divorce team can help you every step of the way.

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