Broker Check

Divorce

Divorce can strain finances as well as emotions. The Granite team can help you get through this time by ensuring that proper steps are taken with your finances:

  • List income and expenses you'll have once you are divorced. Do you earn enough to support yourself and your family?
    • Consider child or spousal support. Will you be paying or receiving child support or spousal support?
  • Identify your assets. Make a list of all your assets, their value and whether they are owned jointly or separately. Which assets do you really want and which ones are you willing to let your spouse keep? Will your home be transferred to either spouse as part of the settlement?
  • Deal with liabilities. Will you be able to pay outstanding debt on the assets you keep? Assess your and your spouse's liabilities and obtain credit reports.
  • Know the employee benefits that you and your spouse are entitled to, as well as the life, health and disability insurance policies that you both own through your employers. If you have children, whose health insurance plan will be used to cover them?
  • Close joint accounts. Make sure that all joint credit cards, bank accounts and other shared accounts are closed, paid off or put in one person’s name or the other.
  • Open accounts in your own name. You’ll want to establish credit on your own. Apply for credit cards and open bank accounts in your own name. Be sure to use a different bank than you used for the joint accounts.
  • Change beneficiaries on your life insurance policies, investments, wills, etc.
  • Plan for tax return and support you may provide or receive, such as spousal or child support? How will you handle your tax return, depending on the timing of your divorce?

Contact the Granite team to get things started. Contact the Granite team.

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