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I’m single again

Whether it’s the result of death, separation, or divorce, becoming single again can be a painful and difficult process. It’s important to be prepared so you don’t become overwhelmed with the many financial issues that arise from the change. Choosing a trusted financial partner can provide the support you need at this important time to evaluate the situation and make smart decisions.

 

 

Close joint accounts – It’s a good idea to close any accounts you held jointly with a spouse to clean up and simplify your financial life. This is especially important in the case of a divorce since you can be held accountable if, for example, an ex-spouse runs up charges on a credit card you own jointly.

Update your policies, accounts and will – Your new change in relationship may affect your will, your retirement accounts, and your insurance policies. It’s a good idea to conduct a review and designate new beneficiaries. Additionally, you may want to designate someone to handle your financial and healthcare decisions in the event you were incapacitated.

Handle an insurance death benefit – With the loss of a spouse, you may be entitled to a death benefit from an insurance policy your spouse held. Do you pay off a home? Do you invest? A Customer Service Representative can connect you with the resources necessary to carefully evaluate your options and make the decisions best for you.

Review your retirement and insurance plans – Your retirement and insurance plans may look much different without a spouse, so review your plans to ensure you have the right coverage.

Evaluate your college savings – With the possible loss of an income, you may want to reevaluate your or your children’s college savings plan to align it with your new financial situation.

 

Sit down with a financial advisor – Now is the time to seek out professional financial help to carefully evaluate all of your options. Your Customer Service Representative can introduce you to an advisor who can help you develop a plan that’s best for you.

The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its affiliates and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.