Women’s Financial Transitions (Divorce or Death of a Spouse)
Working with women as they transition from one phase of life to another is one of our specialties. We work in partnership with our clients to help them make good life choices. You want to know how are you going to pay the bills, do I need to make any lifestyle changes, or is what I am feeling normal? Way down on the list of concerns is "Are my investments properly diversified?" Contact us to see how we can help answer your questions.
Coping With the Death of a Spouse
Immediately following the death of your spouse, you will be faced with decisions that will have a significant and lasting impact on your future financial well-being. In the period following your spouse’s death, you will be flooded with paperwork and likely feel pressured into making financial decisions quickly. It is important to do things one step at a time, at a pace that feels comfortable for you. We can help organize your affairs, identify any problems or issues, and prioritize the decisions that must be made.
As fee-only advisors our advice is not predicated on making a product sale. Our only special interest is you and your well-being. Family and friends can provide moral support, but may not have the knowledge or training to help with financial decisions. Our goal is to become part of your support system and your thinking partner as you move forward with a new phase of life.
Navigating the Divorce Process
If you’re dealing with the intricacies of a divorce, you might start to wonder: Do I really need a financial advisor if I’m already working with a divorce attorney? As you move through the divorce process, you will be required to make quite a few decisions regarding your future as a newly independent woman. You should think of your divorce as a financial transaction in which everything you own jointly and everything you owe jointly are to be divided between you and your spouse. It is the unwinding of both an emotional and financial partnership.
Planning for the future is an essential part of every divorce settlement. Separating or divorcing couples often face a major financial transformation. The bottom line is that two households must now survive on the same dollars formerly supporting one. Typically, if financial planning takes place at all, it’s after the divorce, when financial planners help individuals take stock of their finances and move forward. Working with us early in the process may help ensure you are making fully informed financial decisions and may also save you money and time during the divorce process.
Our role is to work with you to understand the long-term effects of various divorce settlement options, including tax liabilities and benefits. We also help you develop a detailed household budget to avoid post-divorce financial struggles, and to think through what your divorce will realistically cost in the long run.
Pre-divorce Financial Review
- compile, organize, and value assets
- analyze liabilities
- estimate immediate needs
- prepare statements of net worth
- develop realistic budgets
- discuss and prioritize goals
- estimate career training cost and timeline
- estimate future earnings potentials
- estimate college and educational costs
- compare after-tax asset sales
- project retirement needs
- analyze insurance needs
Divorce Settlement Analysis
- review after-tax proposed settlements
- estimate maintenance needs
- analyze long-term cash flow and net worth
- compare and contrast settlement proposals
- develop alternate settlement proposals
Post-divorce Financial Management
- oversee asset transfers
- set up budgeting and money management systems
- manage investments
- monitor results
- update plans