Dealing with Divorce
You have undoubtedly made many difficult decisions over the past several months. Whether you are in the early stages of divorce or have the final details worked out, evaluating your financial plan should be among your top priorities.
If you are at the onset of divorce, the proceedings will be easier if you have a good handle on your financial picture. Take some time to review your finances.
If you are at the end of legal proceedings, there are four key steps to take to ensure control of your finances:
- Change the beneficiary designations on your retirement accounts and in your life insurance policy and will. Fifth Third can offer advice pertaining to your retirement plan.
- Remove your former spouse's name from joint credit card accounts. Notify credit bureaus of your divorce so that future reports are based only on your credit use.
- Make sure your ex-spouse's employer has received a Qualified Domestic Relations Order (QDRO). If your divorce settlement determined how future pension and/or retirement plan benefits will be divided, make sure the plan administrator gets the QDRO so that you will be able to receive your benefits.
- Contact the Social Security Administration. Even though your marriage ended, your ex-spouse's work record might entitle you to receive additional benefits.
Contact a Fifth Third Investment Professional today for more information by visiting a nearby Fifth Third Banking Center or calling us toll free at 1-800-416-8714.
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Fifth Third does not provide legal, tax or accounting advice.