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Building Financial Confidence After a Divorce

A number of clients come to us who, for the first time, are fully in charge of their family finances. They don’t yet understand their complete financial wealth picture or whether they have enough money to support their lifestyle now and in retirement.

We first met Maggie Walden through a referral from the attorney who handled her divorce. She was in her mid-50s, raising two teenage children and working two days a week for a local business. As part of her divorce settlement, she received approximately $3.5 million in investments, outright ownership of her home, modest alimony, and child support payments.

Although she didn’t have to worry about paying for college, she sought our assistance in understanding how to maintain her current lifestyle without dipping too much into her investments before she reached retirement age at 65. Other than paying the monthly family bills, she had limited experience with investing. 

Our approach

Our work with Maggie involved six steps:

  1. Met with her to understand more about her, including her goals, dreams, and concerns
  2. Worked with her to develop a comprehensive picture of her current financial situation
  3. Developed an annual budget that included a) a reallocation of how to spend her paycheck and b) an increase in the hours she worked each week by one full day
  4. Helped her fill unmet insurance and estate planning needs by introducing her to trusted partners who had worked with other clients
  5. Designed an investment program that aligned with her goals and risk tolerance.
  6. Met with her monthly for the first six months, then quarterly, to a) answer any questions she might have about her money, b) review how she was managing her budget, and c) review her investments and educate her on how they aligned with her goals 

Benefits of working with us

Over time, Maggie became empowered to take charge of her future. She discovered that she could live comfortably on the budget we established without tapping into her investments for day-to-day expenses. Her estate plan is up-to-date to reflect the changes in her life. She’s also become an avid reader of several financial and business publications we recommended to her. She understands how we’re investing her money and why feels that she now has a roadmap to financial security.

 

Maggie Walden is not an actual client. However, her story is similar to the experiences of some clients that work with us. Her story is used for illustrative purposes only.