Financial Planning for Single Women

In many modern households, the man of the house still handles the finances. If you’re feeling like you made a mistake in taking a back seat in your marriage when it came to money, you’re not alone. When women face divorce or widowhood, they often find themselves unfamiliar with financial planning and investing. The good news is, with the right support and guidance from a trusted financial advisor, it’s never too late to learn. You are perfectly capable of becoming well-versed in personal finance and wealth management, and you can still take control of your financial future.

Depending on your specific circumstances, you may be able to maintain the lifestyle you’ve grown accustomed to, or you may need to make some adjustments. A financial advisor can help you better understand your financial situation, what you can afford based on your existing resources and income, and how to handle the necessary adjustments best. With careful planning and the proper support, you will be able to find a new normal that works for you; it’s possible that you may even be able to upgrade your lifestyle.

After a divorce or the death of a spouse, you may find yourself in a financially and emotionally vulnerable position. The fear of running out of money is a common and often valid concern. While you may need to make some changes quickly, you shouldn’t make any rash decisions without careful consideration. A financial advisor can help you think through challenges and opportunities to ensure you’re best positioned for long-term financial security.

You’ll need to be especially careful during tax time the year after your divorce or spouse’s death. It’s important to review all documents and ensure you haven’t missed any accounts, income, or write-off opportunities. Work with your accountant and a financial advisor to run new tax projections based on your income and deductions, and adjust withholdings or tax strategies as needed.

You will likely need to make adjustments to your accounts, including transferring ownership to retitle accounts and assets to your name and updating your beneficiaries. A financial advisor can help you reevaluate your investment portfolio to see how your needs and risk tolerance have changed to adjust your accounts, open new accounts, and build a portfolio designed to meet your new goals.

Refer to any records you have to get a clear picture of what loans, bills, and financial obligations remain your responsibility after the divorce or probate is final. A financial advisor can help you develop a plan to pay down debt and create a budget to manage payments.

Whether you're building a substantial emergency fund, saving for retirement, purchasing a new home, creating new streams of income, or building wealth through your investments, a financial advisor can help you devise a plan, make calculated decisions, and gain confidence in your ability to reach your goals.