June 30, 2018

Divorced in Retirement? 20 Ways to Maintain Your Financial Independence

19. Update Your Insurance Policies

While married, you might have shared numerous insurance policies with your spouse, including auto, home, health, and life insurance. All of these policies should be amended, updated or canceled, depending on your specific circumstances.

In many cases, your premiums might change significantly — either up or down — once you and your spouse each have your own individual policies, so that is something you should be prepared to budget for. At the very least, be sure to update the beneficiary sections of your policies to eliminate your ex-spouse.

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