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How can I set up my post-divorce finances?

The task of separating your finances from your spouse in your divorce may seem daunting to you. While your divorce might not be putting you in a good place emotionally, it is important to think clearly and take the right steps to create a strong financial foundation for your post-marriage life.

The Motley Fool describes some general steps that may help divorcing spouses separate their assets and secure ownership over them.

Remove your sensitive information

You probably know to take your important papers from your marital home if you are not staying there. However, you should consider other locations where you may have stashed documents, like a safe deposit box that you share with your spouse. Also, take care to remove or delete files from a computer if it stays with your ex.

Retitle assets when necessary

If you end up with sole ownership of some marital assets after the divorce, take care to retitle them in your name. In the event you change your name following your divorce, contact relevant government agencies such as the Social Security Administration to inform them of your name change. Also, you should retitle your assets under your new name.

Check your credit report

Your credit report lists your present and past credit accounts as well as your debts. Your divorce should separate you from marital accounts and debts so you are no longer accountable for them. From there, you should order a copy of your report to ensure that it is accurate and updated.

You might also need to take out your own insurance and live on a strict budget for a while. It can take a lot of effort to set up your post-divorce life, but it may help you bounce back after some time has passed.