In-Transition Checklist (Divorcees and Widows)

Ending a marriage or losing a partner can be a complicated and emotional time.  If you are going through a separation from your spouse or grieving the loss of your loved one, you can take steps to take control and help protect your future.

☐ Don’t go at it alone!  Consult professionals for help getting your affairs in order.  Make sure your financial and tax professionals review your proposed settlement before finalizing, as they may have suggestions that positively impact your financial situation that your attorney may not know about.  Make sure your lawyer, financial professional, and tax professional are connected to ensure that everyone is on the same page. 

☐ Create a budget: Evaluate your new financial situation, reviewing any changes in your income and expenses (including alimony) and develop a budget and savings strategy.  Create a strategy for where you would like to be 3 or 5 years from now and identify steps to help get there. 

☐ Identify and aim to build an emergency fund: Check the box if you already have ample emergency savings.  You will want to create a plan to build up an emergency fund of 3 – 6 months of monthly expenses to help you weather the unexpected and give confidence to make the decisions that are right for you in the future. 

☐ Financial Independence: Consult with your attorney to determine when you can establish your financial independence by opening bank accounts, credit cards, and investment accounts in your own name, where you have control. 

List of financial institutions that hold each of your joint accounts: 

☐ Savings:                      ☐ Investments:       

☐ Checking:                  ☐ Credit Cards:       

☐ Update Documents: Review and update all your estate planning documents, including your will, beneficiary information and life insurance policies.  Don’t forget to update any legal documents, such as powers of attorney or health care directives to reflect your wishes. 

Your Team:

☐ Lawyer or Estate Attorney      

☐Tax Professional: 

☐Financial Professional: 

Your Finances:      

☐ Primary source of income, monthly amount:       

☐ Additional Sources of monthly income: 

☐ Alimony (Divorcee):                                 

Income Total $: ______________________________________________ 

Your Expenses:    

☐ Housing:                            ☐ Food & Groceries:       

☐ Insurance:                         ☐ Utilities:       

☐ Transportation:                ☐ Other:       

Expense Total $: ____________________________________________ 

As the basis for your monthly budget, subtract your expenses from your income: 

Total Income – Total Expenses = $$ _________________________ 

(Divorcee) List of items to consider updating post-divorce  

☐ Name Change (if applicable)                       ☐ Update Bank Account(s)         

☐ Social Security Card                                        ☐ Update Beneficiaries          

☐ Update Insurance(s)                                       ☐ Update Will, POA, Trusts                   

☐Medical, Dental & Vision                                 ☐ Change Passwords                        

☐Life                                                                        ☐ Change Access / Shared Subscriptions (ex. Netflix) 

☐Auto / Homeowners                                        ☐ Update Deeds, Titles & Mortgages 

☐ Update Tax Withholding                              ☐ Update Credit Card(s) 

☐ Child Related Matters:            

              ☐ Custody / Child Support            

              ☐ School Records 

              ☐ Medical Insurance 

              ☐ Update Emergency Contact Information 

(Widows)  List institutions where you pay regular bills – contact each one to ensure you will receive statements and can access the account: 

☐ Mortgage                       ☐ Water / Sewer (Utilities)                      ☐ Electricity (Utilities) 

☐ Auto Loan(s)                  ☐ Phone Service                                       ☐ Cable / Internet 

☐ Insurance                       ☐ Health Care Directives 

(Widows) Your Benefits: 

☐ Notify Social Security Administration Of your Spouse’s Death (or verify the funeral home has done so) 

☐ Obtain 15 – 20 copies of Death Certificates      

☐ Contact your attorney to file for the probate of your Spouse’s will 

☐ Contact Health Insurers and notify them of your Spouse’s death      

☐ Contact Spouse’s life insurance to notify them of your Spouse’s death and apply for benefits 

Your Future: Jot down a list of goals outlining where you would like to be 3 – 5 years from now: 

1. _________________________________________________________________________________________________

2. ________________________________________________________________________________________________

3. _________________________________________________________________________________________________

Your Health and Well-being:    Remember, it is important to give yourself the attention you deserve – particularly addressing the mental challenges associated with both widowhood and becoming a divorcee.  Consider seeking help with the grieving process through grief counseling, 

1. _________________________________________________________________________________________________

2. ________________________________________________________________________________________________

3. _________________________________________________________________________________________________

IMPORTANT DISCLOSURE INFORMATION 

MCF Advisors, LLC (“MCF”) is an SEC-registered investment adviser. Please remember that past performance is not indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by MCF), or any non-investment related content, made reference to directly or indirectly in this presentation will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this presentation serves as the receipt of, or as a substitute for, personalized investment advice from MCF.  To the extent that a reader has any questions regarding the applicability of any specific issue discussed herein to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing.  Information prepared from third-party sources is believed to be reliable though its accuracy is not guaranteed.  MCF is neither a law firm nor a certified public accounting firm and no portion of the presentation content should be construed as legal or accounting advice. Information prepared from third-party sources is believed to be reliable though its accuracy is not guaranteed. A copy of MCF’s current written disclosure statement discussing our advisory services and fees is available upon request. If you are an MCF client, please remember to contact MCF in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing / evaluating / revising our previous recommendations and/or services. The scope of the services to be provided depends upon the needs of the client and the terms of the engagement. 

Sources:  https://www.troweprice.com/content/dam/fai/practice-management/widow-financial-checklist.pdf 

https://www.troweprice.com/content/dam/fai/practice-management/widow-financial-checklist.pdf