Post-Divorce Checklist
Complete these tasks within 30 days of your divorce being finalized:
- Update your will and estate documents
- Change beneficiary designations (insurance, RRSP, pension)
- Close joint bank accounts, open individual accounts
- Update property titles and vehicle registration
- Change name on documents (if applicable)
- Review and update insurance policies
- Update tax information with CRA
- Change emergency contacts everywhere
Creating Your New Budget
Income Sources
- Employment income
- Child support received
- Spousal support received
- Investment income
Expense Categories
- Housing (mortgage/rent, utilities, maintenance)
- Transportation (car payment, insurance, fuel)
- Children (childcare, activities, school)
- Living (food, clothing, healthcare)
- Debt (payments, child/spousal support paid)
Estate Planning Updates
Critical documents to update after divorce:
- Will: Remove ex-spouse, name new executor
- Power of Attorney: Appoint new attorney
- Personal Directive: New healthcare agent
- RRSP/RRIF beneficiaries: Update or remove ex
- Life insurance: Change beneficiary
- TFSA: Update successor holder
Rebuilding Finances
- Build emergency fund (3-6 months expenses)
- Establish credit in your own name
- Review retirement savings strategy
- Consider meeting with a financial advisor
- Update insurance coverage for single status
- Set new financial goals
Frequently Asked Questions
Update: will and estate plan, power of attorney, personal directives, beneficiary designations (life insurance, RRSP, TFSA, pension), bank accounts, property titles, vehicle registration, and all insurance policies. Most designations don't automatically change after divorce.
Start by tracking all income sources (salary, support payments). List fixed expenses (housing, utilities, insurance), then variable expenses (food, transportation, clothing). Include child-related costs and build an emergency fund. Many find expenses are 30-40% higher living alone.
Yes, immediately. In Alberta, divorce automatically revokes gifts to your ex-spouse in a will made before divorce, but doesn't create a new plan. Update your will, power of attorney, and personal directive to reflect your current wishes and remove your ex as decision-maker.