Even though the month of March is behind us, people who were the victim of March Madness divorces should still be taking steps to protect themselves and their finances until the divorce is finalized.
These steps can help you to ensure that you aren't starting your new life off with a negative financial footing. Consider these points:
Check your retirement accounts
Retirement accounts are subject to division as part of the divorce. Make sure you know how they are going to be valuated. Ensure that you have a qualified domestic relations order in place if these accounts are divided and they need to be transferred to you.
Update your estate plan
You likely don't want your ex to get your life insurance policy or bank accounts. Make sure that you update these items and go over your estate plan to ensure you have everything set up how you want it.
Keep your credit in check
Your credit score might suffer because of the divorce. The drop in income is an inevitable way that it might slip. It can also slip if you don't keep up with payments while you are going through your divorce. If you rely on your credit score to get financing for the things you need and want, you might find that you have to pay the bills until the divorce is over.
Make sure that all assets are included in the property division process. You don't want your ex to get away with hiding assets that you could divide.
Overall, your focus has to be on protecting your rights and your future. Make sure that you find the legal options that help you to do this.
Source: Nerd Wallet, "Victim of ‘Divorce Season’? Protect Your Finances," Kevin Voigt, March 29, 2017