You may have juggled a zillion family responsibilities both in and out of the house but chances are your partner handled the finances, or dealt with advisers such as the accountant or lawyer. After a divorce or the death of your partner, you may not be prepared to take over the entire financial picture.
Women in transition tend to face some different challenges than their male counterparts. Some women are new to handling outside the house matters, such as finances, investments, tax and legal matters and all of a sudden sometimes without warning it is all thrust onto your plate. It’s quite an adjustment for many women, and can be overwhelming at first.
Initial steps to consider:
• Breathe: You may need to take care of some things immediately, but most items can wait. Salespeople of various types maybe knocking on your door, suggesting they will take your hand but don’t jump into action; you have been through a lot, start slow.
• Get a trusted adviser: This could be a lawyer, accountant, investment adviser or other professional, someone who is well qualified, well-networked and trustworthy. They may not have all the answers, but they can refer you to other quality professionals who do.
• Build a team of advisers: Ask a trusted adviser to help you build a team of professionals. Initially the team may include an estate planning lawyer, accountant and investment adviser.
• Develop a plan of action: While you have to handle some matters initially, have an action plan to avoid random, knee-jerk decisions. Let professionals guide you to develop a plan, but don’t rubber stamp their suggestions. Take control of the plan; evaluate the cost and timing of each action. Grab the initiative and learn what you need to know so you can empower yourself going forward.
Transition isn’t easy, but it can be a gratifying growth experience. You may even find strengths and capabilities you didn’t think you possessed. In 2005 I experienced this transition and I understand the challenges you will face.
This information is general. A Disclosure Statement is available on request.