Going through a divorce is one of the most stressful experiences a person can go through. And so now that it’s finally over, all you want to do is put your feet up and sip a cold (and preferably alcoholic) drink.
But before you can relax, there are some important things that you should sort out first.
Here are five things that you should do after getting divorced.
#1 Make a new will
Thinking about your eventual mortality isn’t fun at the best of times. And after the stresses of divorce, it’s only natural to want to focus on building your new life.
But making a new will after getting divorced is one of the most important things you can do.
This is particularly important if you made a will while you were married where your ex-spouse is the only beneficiary.
For inheritance purposes, your ex-spouse is treated as though they died on the day of your divorce. So, anything that they were set to inherit is passed on to another beneficiary instead. But if they are the only beneficiary of the will, your estate will instead by distributed under the rules of intestacy.
Under the rules of intestacy, you have no control over how your estate is distributed, and your wishes may not be followed. For example, a new romantic partner wouldn’t be eligible for inheritance under the rules of intestacy.
You can make sure that your estate is distributed the way you want by making a new will.
#2 Change your name
Many women take their husband’s name when they get married.
When you get divorced, you may want to change your name back to what it was before you got married (your maiden name).
Doing so can help you to reclaim your identity and move on from your former partner. But it’s also an important way of securing your financial independence.
For example, your ex-spouse could take out joint credit agreements using your family name that put you into debt. This would damage your credit score.
A weakened credit score would make it more difficult to rebuild your life after divorce. You would find it more difficult to get a mortgage and you would be less likely to be approved for loans.
To prevent your ex from hurting your credit rating, you can change your name.
The easiest way of doing this is by a deed poll - a legal document that officially proves a name change.
Once you’ve officially changed your name, it’s important that you let the relevant authorities know, including:
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The DVLA
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The Post Office
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The Passport Office
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Banks and credit card companies
#3 Make sure your financial order is put into effect
Hopefully you made a financial order when you were getting divorced.
Financial orders are an essential part of the divorce process. Without one, your ex-spouse could make a financial claim against your estate at any time.
However, it’s not enough to just get the financial order made – you need to make sure that it’s put into effect.
For example, you may need to sell the family home, or make a transfer of equity from one spouse to the other.
Selling a house and transferring equity are both complicated legal transactions. So, make sure that you find an experienced conveyancing solicitor.
By the way, don’t worry if you didn’t make a financial order while you were getting divorced – you can make one at any time! Just remember that the sooner you make one, the safer you’ll be against potential financial claims from your ex-partner.
#4 Close any joint bank or savings accounts
Lots of things that made sense during a marriage are a bad idea after divorce: doing the EuroMillions together, sharing a bed, wearing matching pyjamas.
Joint bank or savings accounts are another example.
Like many couples, you probably made these joint accounts soon after getting married. And with good reason.
Joint bank accounts are great when you’re happily married. Everything you have goes into the ‘marital pot’ which can be used to support your family life, from your house to your children.
But joint bank and savings accounts couldn’t be more inappropriate when you’re divorced. Your ex-spouse could take any money that you deposit in them, and they would know exactly how you’re spending your money.
To get financial independence, it’s important that you settle any overdrafts and close any joint accounts as soon as possible.
#5 Get your finances into shape
And on that note, it’s essential that you get your finances into shape after going through a divorce.
While you should never stay in a relationship that you don’t want to be in, there’s no escaping the fact that divorce can have a huge effect on your finances.
The life you may have grown accustomed to – two incomes, sharing responsibility for mortgage repayments with your ex – is over, and you’ll have to readjust to your new financial reality.
You may need to move to a more modest house. Or you may need to release some equity from your property.
Furthermore, you may need to make maintenance payments to your ex-spouse, and you may have lost a significant part of your pension as part of the financial settlement.
Whatever the specific details of your new financial situation, it’s essential that you set yourself up property financially so that the next chapter of your life is as comfortable as possible.
The best way of doing this is to speak to a financial adviser. Independent financial advisers are regulated by the Financial Conduct Authority and provide impartial advice.
#6 Update your personal documents and records
After a divorce, it's crucial to update your personal documents and records. This includes your driver's licence, passport, and any other official identification that may still have your married name or your ex-spouse's details.
Additionally, remember to update your emergency contacts and beneficiaries on documents like life insurance policies, retirement accounts, and any other financial instruments.
This step is vital to ensure that all your records reflect your current status and that the right people are contacted or benefit in case of an emergency or unforeseen event.
Updating your personal documents and records helps in solidifying your independence and ensures that your personal affairs are in order, post-divorce.
Talk to a solicitor
If you need any legal help following your divorce, you should speak to a solicitor.
Whether you need a financial order or help with conveyancing, you can find a solicitor for your needs with The Law Superstore.
Just type in a few details and you can compare solicitors across England and Wales.