Going through a divorce is an emotional and draining process. You and your spouse may have shared payments or bank accounts throughout your marriage. Having to sort them out and untangle your finances overnight may be overwhelming. As a result, your finances may be stretched, and your standard of living may drop significantly.

As such, assessing and reviewing your financial situation is crucial to prepare for the next phase of life.

These are some common assets you must review or consider during a divorce.

During the marriage, you and your spouse may share your day-to-day expenses. However, you must consider your income and spending as an unmarried individual. You may need to change your current lifestyle and adjust your spending accordingly.

Discuss with your spouse and sort out the combined bills/debts. This will include any current GIRO arrangements.

Do you still want to maintain your joint accounts after the divorce? Or do you want to keep the joint account for your shared children’s future expenses?

Suppose you have a supplementary card provided for your spouse during marriage. In that case, you may need to decide if you want to continue providing the supplementary card or cancel the card to keep future arrangements clean.

Gather your existing insurance policies, including joint insurance policies, and review the remaining premium payment term. Are you paying the premiums for your spouse and vice versa? Discuss the future premium arrangement with your spouse. Most importantly, you may also review your insurance nomination so that it represents your true intent.

There may be more joint assets that you and your spouse owned during the span of your marriage. As such, it is vital to list and review them. You and your spouse can then reach a common consensus on the arrangement of your financial assets.

You are encouraged to seek legal or professional advice for any matters relating to divorce.

Disclaimer:

This content is meant for information purposes or reference only and not is not to be relied upon as professional or legal advice. This content does not constitute either advice or an offer or an invitation to offer to acquire, dispose of, subscribe for, or underwrite any of the financial instruments described herein.

You should seek advice from an attorney or professional who will be able to provide you with the relevant advice before you make any decision.

All details such as names, characters, places, companies and scenarios are fictitious. Any resemblance to actual events, locales, persons living or dead is entirely coincidental.