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How to be financially secure after a divorce

On Behalf of | Feb 19, 2018 | Divorce

Depending on its complexity, it can take months or years to settle a divorce. However, the divorce settlement is merely the first step when it comes to managing finances after a Michigan resident ends a marriage. As soon as the divorce is finalized, it may be a good idea to make changes to beneficiary designations. This may help to ensure that a former spouse does not inherit assets when that individual passes.

It may also be a good idea for an individual to keep an eye on his or her credit report. Ideally, joint accounts will be canceled and reestablished in one person’s name only. It is possible for a person to receive child support or spousal support payments as part of the divorce agreement. However, there is no guarantee that they will be made on time. In some cases, it may be necessary for an individual to ask for automatic transfers from a bank account.

When a marriage ends, a family health insurance policy may come to an end as well. Individuals may need to look into health care options such as COBRA coverage. Finally, it may be necessary to sell the marital home or refinance the mortgage on that property depending on the terms of the final divorce settlement.

Those who are going through a divorce may benefit from talking with Oakland County, Michigan, divorce attorneys. This may make it possible for someone to learn more about to what he or she may be entitled in a settlement. In some cases, an individual may ask for alimony or child support payments. It may also be possible to ask for a larger share of marital property to offset the fact that a person may make less than his or her spouse.