Post-Divorce Security Tip: Change Your Logins!
Going through a divorce creates a lot of change but also generates opportunities to establish healthy boundaries. One of those boundaries (and one of the first steps in financial planning after a divorce) is to make sure you're protecting your online accounts.
Post-Divorce Tip: Update Your Passwords
To secure your online accounts after a divorce, start by making a list of your online accounts and generate new secure passwords for each of your logins. Keep in mind that your ex knows quite a bit about you, and you don't want to choose something that's easy to guess. Besides being a good periodic habit, this will ensure that your former spouse will not have access to your confidential correspondence or be able to withdraw funds without your knowledge.
As you log in to each of your accounts, this is also a good opportunity to review beneficiaries on accounts, understand account permissions, and notate any joint accounts owned and that need to be closed.
Once you’ve identified your joint accounts, you’ll want to reference your divorce decree to determine how those funds need to be handled. This clarifies what actions you and your ex should take with these funds. You’ll also want to look through the transactions and see what auto-payments come in and out of the account. If you have income deposited in a joint account, open a separate account in just your name to protect your funds. Also, look for auto-payments that need to be canceled or changed, and make sure your joint funds aren’t being used for anything that is only for one of you.
Another Post-Divorce Tip: Update Your Professional Team
One more post-divorce tip – be sure to contact the professionals that work with you and let them know about your divorce. Your accountant, insurance agents, and financial advisors will all want to be aware of your life change. After divorce, your professionals will need to make changes in your accounts, and they’ll want to be in the loop so that they can help each former spouse individually.
Your financial advisor will also know what steps need to be taken with your accounts and can help walk you through what changes will need to be made during this time.
Here’s how we can help you...
We get that divorce can feel really hard and leave you with a lot of questions about how to handle your finances. After all, this is the reason Leah Hadley founded Great Lakes Divorce Financial Solutions in the first place.
After her divorce, she found herself stressed and overwhelmed about how to navigate life on her own with three kids and a new financial situation.
Helping families overcome this challenge is why we do what we do.
Whether you’ve never had to manage money before, or you’re a master at investing, we are here to support all your post-divorce financial planning needs.
Schedule a complimentary consultation to explore how we can support you.