Financial advice for the recently widowed and those facing divorce
We don’t need to tell you that life transitions are difficult. To successfully move through this period and thrive, you must address the financial issues while you develop and practice personal resilience skills.
We work with many people who are divorced or widowed, and suddenly must manage their own financial affairs, often for the first time. In a supportive environment, we’ll help you learn about your current finances, so together we can create and evaluate your options and choices for your next chapter. This will allow you to move from a place of fear and anxiety to one of confidence and clarity.
Divorcing or Divorced
Navigating the complex divorce process before, during and after an agreement is signed is challenging and stressful. There is no do-over. Your attorney’s job is to get you the best deal, our job is to turn your settlement offer into a forward-looking financial plan. This will help answer your questions about the future for you and your loved ones. Here’s a sample of what we help with:
In a relationship, usually there is one spouse who has the main responsibility for the household or marital finances. If you are not that person, we will educate you to understand your current situation and what your options mean to you ongoing. Our goal is to be a resource to help empower you to make confident financial decisions.
The home in a divorce is often one of the largest assets that also has emotional value. Making the decision to stay in the marital home or sell it is difficult. What option makes the most sense for your situation? If you decide to move, what is the optimal funding choice? Should you pay cash or take out a mortgage? Do you qualify for a mortgage? How much should you put down? We’ll help with answers.
Assess the amount of spousal maintenance required and analyze the best approach to receive it, such as a stream of payments or lump sum alimony.
What assets serve you best? Do you know the embedded tax consequences? Are Private Investments able to be retitled to you? How do Employer Stock programs (Stock options, Restricted Stock Units) play into your settlement?
Divorce often involves the help of an attorney, a tax professional, a therapist, a realtor, and many other professionals. Your Private Vista financial advisor will collaborate with your additional trusted divorce professionals to make your life easier. If you have not yet built a team, we will help refer you to trusted professionals as needed.
We help you understand and implement your settlement agreement, and then turn that into a forward-looking financial plan.
After a divorce, your lifestyle will likely need adjustments. We work side-by-side with you to establish a sustainable level of spending, to decide which assets are best to retain or sell, to help you understand the options of how to pay for a car purchase, and we’ll create an income stream to support your lifestyle.
We provide guidance for updating your estate plan and documents. For example, ensuring a former spouse is no longer your power of attorney, retitling assets and updating beneficiaries.
We evaluate your benefit options and help you determine how to maximize your lifetime social security benefits.
The team will optimize your investment portfolio within the context of your overall financial plan.
We help you evaluate your options to ensure that you are protected in a way that best supports you and your goals.
Many people think the work is done once their divorce is final. In reality, the work is just beginning. We work with you to implement your settlement agreement to ensure you receive what you negotiated for during the divorce. This includes retitling and consolidating accounts, confirming QDRO’s are processed, closing joint accounts and credit cards. We also turn your agreement into a forward-looking financial plan. This will serve as your new roadmap as you adjust and evolve in your new lifestyle.
Widows and Widowers
Widowhood is an emotionally overwhelming and frightening time that usually leads to many difficult questions and required changes. Here’s how we can help:
In a relationship, usually there is one spouse who has the main responsibility for the household or marital finances. If you have not been that person, we will educate you to understand your current situation and what your options mean for you looking forward. Our goal is to be a resource to help empower you to make confident financial decisions.
Major changes sometimes demand lifestyle adjustments. We work side-by-side with you to establish a sustainable level of spending, to decide which assets are best to retain or sell, to help you understand the options of how to pay for a car purchase, and weʼll create an income stream to support your lifestyle.
We provide estate planning guidance like sorting through the estate settlement process, including claiming life insurance benefits, pensions survivor benefits, retirement accounts, etc. Other services include administration of your assets and resetting beneficiary designations.
Your Private Vista financial advisor will collaborate with your attorney, tax professional, therapist and other trusted professionals to make your life easier. If you have not yet built a team, we will help refer you to trusted professionals as needed.
We evaluate your benefit options and help you determine how to maximize your lifetime social security benefits.
The team will optimize your investment portfolio within the context of your overall financial plan.
We reduce the stress of having to make critical financial decisions by yourself and give you the confidence that your family is protected.
Education Programs
Enriching lives through financial planning, education, and partnership
Unlike a typical financial program that solely focuses on income, budgets and investments, Private Vista focuses its education initiatives on exploring your life passions and goals so that you can make the right financial decisions for you and your loved ones. We bring together individuals in transition, including those working through divorce or widowhood, to connect and inspire each other.
Through workshops, educational and social events, newsletters, and private consultation, we help you focus on your vision for the future and then work with you to design a financial plan to get you there. We call it the path to your Private Vista. It’s much easier to go down the path when you’re connected with a community of like-minded people.
Private Vista has created a program for those considering or experiencing divorce called Divorce Resource, and a program for those working through widowhood called Suddenly Single.
We host periodic informative events virtually and in-person where we bring in rotating panels of professionals who can answer common questions about the legal, financial, and emotional issues that may arise during these life transitions. We find that the more you know, the more empowered you feel to move forward with confidence and clarity for all the decisions you will need to make.
Private Vista in Action
Divorce
The Situation
Tina was 52 years old and scared. Divorcing her husband of 20 years and the father of her two teenage daughters was not in her life plan. But here she was staring down a proposed division of assets, liabilities, income, and expenses—all numbers on a piece of paper. Up to now, Tina hadn’t handled her finances and was worried about her future.
The Solution
We listened, we understood, we educated; and then, we analyzed the numbers and showed Tina a comprehensive financial plan that provided options for her future. Her waters were charted once again, and she was ready to set sail with confidence.
Widowhood
The Situation
When her husband passed unexpectedly, Judith was bereaved and afraid. How will she fill the gap in her life and in her financial affairs? Judith had never handled the household finances. Her holdings were spread wide and far, and the only clues were in boxes of paperwork in the basement.
The Solution
We went through the boxes and took Judith through our planning process. In the end, Judith’s estate and retirement plans and her daily finances were put in good order so that she could focus on more important things like spending time with her children.
