Getting A Divorce | Review Your Finances Using The Financial Divorce Checklist

Tim: So you with Edward Jones you’ve come up with a divorce checklist and I liked it the check boxes and all that.

You’re suggesting that you know of course this is a good time to do a lot of things, the Auto Insurance, Life Insurance, Financial Planning and so forth.

This is the time where you need to sit down regardless of what’s into this divorce you’re on if you’re the working spouse or not the working spouse to do a financial review and that’s a service that you offer for Edward Jones, is that correct?

Janelle: Yes, that’s correct.

Tim: Okay, let’s talk about a little bit about that. I don’t know if you want to talk about the checklist first, you want to talk about just the financial review in general?

Janelle: Oh well, let’s talk about the checklist.

Tim: Okay.

Janelle: Because it leads into that the financial review.

Tim: Perfect!

Janelle: So this is a checklist that we put together just with the basics. It’s a difficult time. It’s easy since there’s so much paper work in everything to think about.

It will help you go through and take a look at the different things you need to think about.

Some of the big ones on here are making sure that you change your beneficiaries on your Life Insurance.

If you have an IRA that you’re going to keep and it’s not going to be divided you want to make sure that, that beneficiaries changed as well.

You don’t want something to happen to you and the money going to the wrong spouse.

Tim: Okay.

Janelle: I’m also in here talking about, you know, setting up trust and living will, [durable 2:26] powers of attorney.

Tim: Uh-huh…

Janelle: All these and the things that go along with that as well.