I'm Single Again
Whether it's the result of death, separation, or divorce, becoming single again can be a painful and difficult process. It's important to be prepared so you don't become overwhelmed.
After 15 years, we had a lot of shared financial interests to sort out. I didn’t really know where to start, so I worked with a financial advisor at my bank.
She told me to close our joint accounts and open my own checking and savings accounts.
Of course, we accumulated some debt during the marriage. So, we’re closing the credit cards that don’t have a balance. We’ll have to decide, amicably I hope, how to split up the others.
And my household income is changing. Even though I’m not retiring anytime soon, I’m reviewing my retirement contributions to ensure that I’ll be comfortable when that time comes.
My husband was also the beneficiary on my 401K and other insurance policies. It only took a few minutes to update those online.
I’ll also be updating my health insurance policy. We had a family plan through my husband’s employer, but I’ll have to move onto my own plan.
Even though my finances look a little different, now, I’ll still try to set aside money for our children to attend college.
We’re meeting to sign the papers on Monday. This is a new situation for all of us. We are starting to get past the hurt. And I feel confident knowing that my finances will be in order as I set out on my own.