If your marriage has ended and you’re single again, make sure all your financial arrangements reflect your new status of SINGLE. Here are a few tips to help get your new financial life off to a good start.

TIP #1: Change Your Beneficiary.

A divorce may not have an automatic effect on beneficiary designations. So, unless you want your ex-spouse to get all your money, make sure you change beneficiary designations on your retirement accounts, life insurance policy and in your will.

TIP #2: Remove Your Spouse’s Name from Joint Credit Card Accounts.

You also should notify the Credit Bureau of your divorce so that future reports will be based only on your credit use.

TIP #3: Adjust Your Investment Strategy.

If your investment goals have changed, you may want to shift your assets into less – or more – risky investments.

Also, make sure the amount and frequency of your investments are appropriate for your new income and goals.

TIP #4: Review Your Retirement Plans.

Your retirement years may look very different without your spouse in the picture.

You may want to start making additional contributions to your 401(k) or IRA to maintain your current lifestyle after retirement.

TIP #5: Make Sure the Qualified Domestic Relations Order (QDRO) is received.

If your divorce settlement determined how your future pension and/or retirement plan benefits will be divided, your ex-spouse’s employer may need to receive a QDRO.

Make sure the plan administrator gets the QDRO so you’ll be able to receive your benefits.

TIP #6: Contact the Social Security Administration.

Even though your marriage ended, your ex-spouse’s work record may entitle you to receive additional benefits.
Divorcee Financial Tips for Newly Singles

By: Rev. Dr. Henry L. Armington, Sr., D.MIN

Editor: Latorria Pier

Author's Bio: 

Latorria Pier is an author, student at Christian Leaders Institute and founder of Special's Quality Care Centers. Her organization is a Christian based non- profit organization that works diligently through many volunteer efforts to empower women and families to initiate personal and social change. She is the author of “Turn My Life Around” Discovering Your Purpose; a 365 day devotional book that helps women discover their divine purpose. She is passionate about empowering and inspiring women to seek their divine purpose within their greatest pain. She is a frequent blogger with Word press as her main selection. She is currently pursuing her bachelor’s degree in divinity at Christian Leader’s Institute and plans to continue her work in ministry. Latorria believes that through her pain and sorrow, God has prepared her to share His word with others in a way that was made just for her. She allows her testimony to serve as an example of how God can turn a negative experience into something positive.