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Financial tips for women after their divorce settlement

Though the wedding day is meant as the beginning of a lifetime together, the marriage often ends sooner than anticipated. For many women, the decision to file for a divorce is the beginning of the rest of their life as a financially independent individual. Iowa residents who are at the beginning phase of obtaining their freedom may benefit from several financial suggestions that may help them achieve their goals.

Once the divorce settlement is agreed upon, the hard work is often just beginning. Though the two parties may have reached an accord on how to split the marital assets, it does not guarantee that the former spouse will adhere to the plans. In order to ensure that one can achieve success in their post-divorce life, there are several steps that one can take. The first is to close any joint credit accounts that may exist and apply for credit on one's own. Secondly, ensure that a spouse is removed from estate planning documents, and that insurance and retirement accounts are updated with the correct beneficiary information.

It is important that any retirement accounts are divided as ordered by the settlement. There may be specific documents that are required in order to allow a company to split accounts in the manner described. Next, if there are other payments expected, such as child support or alimony, then there are steps one can take to ensure these monies arrive as ordered. Automatic payments might avoid waiting on a spouse to write a check.

There are a few other things that may have to be handled personally; such as either putting a home on the market or refinancing, deciding on health insurance options and determining long-term financial goals. Having a team of advisors beyond the settlement phase can help the newly divorced find firm financial ground. Iowa residents who are seeking a divorce may wish to get the process started by consulting with an experienced attorney who can help determine the best settlement options available.

Source: forbes.com, "A Checklist To Help You Manage Post-Divorce Finances", Jeff Landers, Feb. 12, 2018

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