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Life As A Single

You're going to be a single person again, and that means reorganizing your financial affairs. Here's a partial checklist of things you may need to do:

  • Find a place to live.  
  • Open a new checking account in your name. 
  • Establish other lines of credit in your name. 
  • Pay off existing bills in your name.
  • Prepare a budget.
  • Make sure you have health insurance. If you are currently covered by your spouse's insurance, you are entitled to continue that coverage for a certain period of time.
  • Start working on your financial independence. If you don't have a job, get one. Look into retirement savings plans offered by your employer or set up an Individual Retirement Arrangement (IRA).
  • Seek help from welfare or private organizations.
  • Evaluate the tax ramifications of your divorce. Remember that the person receiving alimony may have to pay income taxes on that amount; child support is generally not subject to income tax.
  • Change your beneficiaries and revise your will.

 
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