A divorce represents a huge change to your life. You are in a situation where the joint accounts have to be split up and you have to divide the assets up equally. Finance is one of the integral aspects of divorce proceedings and their aftermath. There are some financial things you have to review following a divorce, and we are going to go through the main ones.

Joint Accounts

The bank accounts are an immediate issue that has to be resolved. To begin with, those accounts have to be closed. However, you have to get together with your legal team and determine how the funds are going to be split. You also have to ensure that your employer is made aware of the changes made to your family life, so they can alter your salary details.

Wills and Power of Attorney

Since you don’t intend on dying anytime soon, the issues regarding wills and power of attorney can be shuffled under the carpet. You need to review your will to update your next of kin. The chances are this probably is no longer the person you just split up from. You also have to alter issues regarding power of attorney so your ex-wife or ex-husband doesn’t inadvertently have power of attorney over you. This has to be made clear in writing, legally, to be valid.

Life Insurance

Couples will usually take out a life insurance together, or at least it will involve their other half. Nevertheless, it’s your responsibility to review your policy and update your insurer on the situation in the event of a divorce. This is critical because it could impact the level of care you receive, your premiums, and the amount of money that’s paid out, as well as to whom the money is paid out to.

Healthcare Policies

Regardless of how you cover the cost of healthcare, your policy must be updated. For example, the premiums may come out of a joint account, or your former spouse may have been covering the costs altogether. This has to be changed to reflect the current situation. In some circumstances, you may be able to reduce the amount of coverage you have, or you may have to alter your policy to reflect your current financial state.

Run a Credit Report

Your credit score means everything when it comes to your ability to rent, buy a home, and take out a loan. As a couple, you likely used a joint credit score. Nevertheless, after divorce proceedings you will revert to using your individual credit score. The transition isn’t always smooth. Get a copy of your credit report and ensure that there’s nothing on there that has nothing to do with you. It’s reasonably common to see issues relating to joint accounts, or worse your former partner. Have these removed so the actions of someone else don’t damage your future.

These are the five main aspects of finance you have to address when you divorce. Look at them today and start your new future the right way!