Divorce Highlights Need for Financial Advisor

Type of Issue: 
Financial Planning

Challenge:

Recently, a woman in the early stages of a divorce was referred to us by her attorney. The couple had been married almost 20 years and had amassed significant wealth, possessions and some debt. Although she had worked after their children went to college, her employment was not the primary source of income for the couple. She had not been involved in the family’s financial planning or investment decisions and was unsure of next steps. She needed advice and guidance from her entire team of advisors to ensure that she received a fair settlement that would provide a secure income for her.

Solution:

The advisors at SHWM worked closely with our new client and her attorneys to determine all sources of income, investments and insurance and gain a clear picture of the couple’s debt. We also had several conversations about her future goals – her work plans, desires for a residence, alimony versus settlement and more. Although in the midst of the emotions and legal workings of a divorce it can be difficult, it’s important to begin the process of considering the future. We helped her lay the tentative groundwork for the next phase of her life.

Armed with a full understanding of the income and investments available to her, as well as an outline of expenses that can blindside some newly divorced clients, such as health insurance costs, life insurance, home purchase costs and more, our clients was equipped to begin working on a settlement plan.  With our ongoing support and ability to quickly adjust projections as negotiations progressed, she and her legal team were able to secure a settlement that provided a secure future for her.  We were able to help her start her new life with a structured plan to ensure a secure future.

Although we can help anyone at any stage of a divorce, engaging a SHWM investment advisor early in the process can save significant time and increase your ability to secure a final divorce settlement that provides the security you seek.