How can you make the best financial decisions when you're suddenly single? Read this guide to managing your finances in the transition.
The transition period after a divorce or the death of a spouse is a time when weighty financial decisions about the rest of your life, and possibly your children’s lives, will have to be considered and then carried out.
It can be challenging to make important life decisions in the midst of the emotions you’re experiencing. Many financial experts counsel their clients to wait a while before figuring out how to manage the longer-term financial transition. But as difficult as it might be, you’ll need to attend to some time-sensitive matters right away.
Knowing this will be a stressful time for you, focus on addressing urgent financial matters that require immediate attention. Then allow yourself the necessary time to heal before diving into less pressing financial decisions that can wait.
We all have unique circumstances, and each of us will have a different “to-do” list, but here are some important financial matters to consider if you find yourself suddenly single. Take care of these necessities first.
Once you have addressed the most pressing matters, take the time you need to consider your longer-term plans to help protect your financial well-being.
Changing to a legally single status can be a complicated financial endeavor, but it’s important to take all the necessary steps to ensure your paperwork and accounts are in order. As you protect yourself through updating your policies and accounts, also remember you can take the opportunity to ensure beneficiaries are listed correctly so that you can also protect your loved ones. TD Ameritrade account holders can add or adjust their beneficiary designations online in just a few simple steps.
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