You might have seen recently that the King of Amazon, Jeff Bezos got into some trouble and ended up in divorce. While the details of the settlement are not disclosed, it looks like he did not have his wealth in a trust. And all of his Amazon shares seems to be in his personal name. This means his ex-wife is going to end up with around $35 Billion. But don’t cry too much for Jeff, he should still be worth over $100 Billion when it’s done. His mistress has now announced she is also getting divorced, so you know Jeff will be making some post-divorce moves before he ties the knot again.
While you might not have billions on the line, here are a few things you should do after a divorce.
1. Check Your Beneficiaries– Most people list the beneficiaries on their 401(k), IRA’s, and insurance policies when they set up the accounts and forget all about them. While the court could decree that part of your retirement account go to your ex-spouse, remember you can change beneficiary to whomever you like.
2. Joint Bank and Investment Accounts– You probably opened a few accounts while you were married with your ex-spouse. Now you need to close those account. Again, the court could make you give over part of the account in the divorce, but don’t leave any of these joint accounts afterward.
3. Real Estate– This is a harder one to deal with. Your home is probably in joint name. If you are going to keep the house, you need to get a real estate attorney to file the change with your local county or municipality.
4. Credit Report– Check your credit report after the divorce. You want to make sure there are not credit cards or loans on your report, that should be your ex-spouse’s obligation. Get rid of any joint credit cards and make sure there are none of your cards in their possession.
Meeting with a financial advisor can be a Smart Money Move, to make sure you set a new post-divorce budget and financial plan.
Van Pappas, CFP®
Private CFO, oXYGen Financial, Inc.
Van Pappas, CFP® – Van is a native of Atlanta. He holds his undergraduate degree in Finance with an emphasis in Real Estate. As a planner for 2 Decades, he earned his CFP designation from Kaplan University. He is founder of the Chamblee Chamber of Commerce and sits on the Downtown Development Authority for the City of Chamblee. In 2012, he noticed the value of helping the X-Y Generations and decided to merge his practice with oXYGen Financial. Background and qualification information is available at FINRA’s BrokerCheck website.Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice.