Divorce or Widowhood – Strategies for Moving Forward
The Facts 80% of women die single, 80% of men die married.1 80% - 90% of women will be responsible for their own finances at some point in their lives.2 The loss of a spouse through divorce or widowhood takes an emotional toll. For many, navigating the financial complexities after such a loss makes the situation that much more stressful. Our goal is to guide you through this process and empower you to make the decisions that you feel are in your best interest.
First, take a deep breath. We are here to help you figure out what must be done now and what can wait until later.
Some of the issues we address include:
- What needs to be done immediately? – Applying for benefits, changing beneficiaries, locating all of your important financial documents and updating names on your accounts
- Identifying additional professionals you may need to contact – Attorneys to review your estate documents, a tax planner to help since your situation has changed, other professionals as needed.
- Putting together a comprehensive snapshot of your current financial situation so you know exactly where you stand. We find this step is one of the most useful and we can help. Once you know where you are financially it often provides a sense of relief.
- Avoid making hasty decisions – not everything has to be done right now. Allow yourself time to grieve and to adjust to your new situation. We can identify decisions that need to be made and help you create a timeline to make those decisions you are comfortable with.
- We provide you with a sounding board before you make financial decisions so that you do not find yourself spending money impulsively. What are the long-term consequences of increased spending now versus saving for a future date?
- How have your goals changed now that you are on your own? How does this impact your investments? Does it change your long-term health care plans? Does it change your estate plan?
Divorce or Widowhood are two of the biggest life transitions anyone can make. We help you take the time to think through what you want for yourself in the future and give you the information you need to make the best decisions for you.