At our firm, there are two types of people who find themselves in transitional phases of life that we help: Divorcees and widows. Below are two case studies that show how our firm covers all financial areas needed to navigate these difficult situations.
Matthew, a stay-at-home dad and father of a teenage daughter, was going through a divorce and unsure about his financial future. He came to Heller Wealth Management to get clarity on what would happen to the family’s respective assets after the divorce including the home they owned and lived in. Matthew had very little experience investing as his spouse took care of that in the past.
- Would he have to go back to work?
- Could he and daughter, Tessa, afford to stay in the family home?
- What would the eventual taxes look like on the sale?
- What will he do when the spousal support stops?
- How should he invest his share of the money?
Here’s How We Helped
After the initial review of the potential settlement, we began working with Matthew in a more formal capacity. Six months after the divorce settlement was agreed upon, we began going through everything that he would need to make sure he wasn’t missing anything and that he would be able to maintain the lifestyle he and his daughter had come to enjoy. To accomplish this, we took Matthew through our Heller Wealth Management 10 Step Process for Divorcees.
We helped Matthew by:
- Developing a game plan so he could stay in the home until Tessa graduated college
- Finding a solution for once the child support and spousal maintenance ends
- Creating an investment portfolio that should work well for him now and into retirement
- Implementing tax minimization strategies for his income and the home
- Recommending and coordinating with a new Estate Tax Attorney and Certified Public Accountant
- Providing the reassurance that this plan will sustain him through current challenges and long-term concerns
While the divorce process can be difficult and painful, a clear, step-by-step process to get your finances in order can make new divorcees feel more in control of their future. After meeting with Heller Wealth Management, Matthew was able to clarify that he would be able to keep the family home, not go back to work, and remain financially sound between his retirement accounts and invested assets. We have continued to work with Matthew, making sure his financial plan stays on track, and guiding him when changes present themselves.
Access our easy-to-use check list: 10 Critical Financial Steps to Take Once Your Divorce Agreement is in Place. >Download<