Financial ‘To Do’ List for Women going through Divorce

Financial ‘To Do’ List for Women going through Divorce

Divorce, especially the early stages of it can be an emotional rollercoaster for any woman. Anger, irritation, loss, panic, confusion, all these would be a part of your journey.  Time is always the best healer, and once you settle down a bit, your life will stabilize, and you would be able to focus on a brighter future as an independent single woman.

Being a single independent woman brings with it a whole new set of positives which might look to be a bit too daunting at first, but soon you will adapt to them as well as enjoy them. Most of them are financial in nature, such as being in control of your own money, keeping track of your own income, expenses, savings, loans, etc, paying your own bills, saving and investing for your retirement, planning for your kid’s education, if you have any, etc.

Let’s face it, being divorced means your life will be different, and the sooner you accept it and acknowledge your financial responsibilities and get on with it, the better it is for you! Trust me, it might look daunting at first, but it is a hugely empowering experience once you get used to it.

The following are the financial to do’s that you need to consider in order to become financially independent:

To 10 things to do at first:

If you are newly divorced or are going through the process, your crucial Financial ‘To Do’ list needs to include:

  1. Obtaining the final divorce papers, making several copies of it and storing them in different places
  2. Closing of joint bank accounts held with your former husband
  3. Removing your husband’s name from your existing financial documents or from ‘nominee’ details if you had given it anywhere
  4. Changing your name / surname (if required) from financial documents such as Banks, house rent, investment accounts, credit cards, passport, driving license, insurance policies, company employee file, post office, utility bills, real estate papers, other professional certificates, etc
  5. Check the status of your joint health insurance plans and separate it
  6. Transfer of ownership titles (if required) such as house, automobiles, etc
  7. Open a new bank account to take care of finances related to divorce such as child support, alimony payments, etc.
  8. Get a new credit card in your new name (if changed) and new residential address
  9. Disinherit your husband by creating a new will, trust, power of attorney, etc (whichever is applicable) 

Create a post-divorce advisory board:

Once you are done with the above set of check-list, it’s time to create a post-divorce advisory board comprising of people you would need in order to make life easier. This board should include:

  • A therapist / counselor: Extremely crucial but often overlooked, specially in India. Everyone goes through that emotional roller coaster ride during a divorce and it is perfectly normal to have someone simply to talk to in such situations. Not only does it help ou come to terms with your new life faster, it also helps calm and stabilize your mind and thereby your life so that you can take not only faster but the right financial decisions for yourself.
  • Financial Planner: The second most crucial person to have on-board is a financial advisor who would help you plan your financial long term goals, chalk out your cash flows, expenses, savings and investment aspects, etc
  • Lawyer: You anyway have a lawyer who dealt your divorce. However, apart from that fact, it is always good to have a lawyer at your disposal specially for matters related to real-estate, etc

Have a Blast!

Last but not the list, the ‘to do’ list for any divorced woman would be to enjoy your new life and have a blast! Get a new job if required, plan your finances and live a meaningful wholly new life completely on your own terms…writing your own destiny!