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A divorce is an extremely emotional event for both partners as well as for family and friends. To follow are a few things you need to do to make sure your financial house is in order (note that the rules for same-sex couples may be different).
  1. If you are still in the negotiation process it may be helpful to sit down with a financial planner to draft a new budget so you have the numbers to back up your alimony or child support requests.
  2. If you were covered under your former spouse's health insurance plan, you probably assume your coverage ends on the day of the divorce. However, a COBRA provision allows you to carry the same healthcare coverage for up to 36 months.
  3. If you receive alimony, it is considered to be a taxable income for the receiving ex-partner and an above the line deduction for the one responsible for paying it. If the person receiving alimony does not have any earned income, he/she can use a portion of it to contribute to an IRA account. If you receive child support, the rules are the exact opposite.
  4. As with other life events, review your Will and other estate documents for appropriate beneficiary changes.