One of the most important issues is the designation of a beneficiary on your insurance policy. If your former spouse is your life insurance beneficiary, it may make sense to change that-perhaps to your children, parents or siblings. Keep in mind, too, that if your former spouse is going to pay child support and/or alimony, he or she will usually maintain life insurance naming you or your children as beneficiaries to provide support in the event of his or her death. You may also face new life, disability and long-term care insurance needs after your divorce-costs you may have to bear yourself.
Rock A. Tate is a Financial Advisor, CERTIFIED FINANCIAL PLANNER™ at The Tate Group at Morgan Stanley Smith Barney, He can be reached at 1-800-327-6322 to help you with all you financial divorce needs and is licensed in the following state(s): AL, CA, CT, DC, FL, GA, MA, MD, ME, MI, MN, NC, NH, NJ, NY, OH, PA, SC, TX, VA