The Importance of a Financial Advisor After Death or Divorce

Life comes with changes, and at Harvest Wealth Partners, we understand that you might have questions about your financial future. When difficult circumstances arise, additional financial considerations often follow. If you have recently been through divorce or the death of a spouse, you may find it beneficial to speak to a financial advisor about methods to navigate the change. Our team is happy to work with you to develop a plan that is suitable for your circumstances.

Change After Death or Divorce

The financial impact of the death or divorce of a spouse can be significant. Not only can divorce be directly costly for both parties, but the loss of one person’s income from a household means that your standard of living may be affected. The same is true for the death of a spouse. According to the Federal Reserve Bank of Chicago, the surviving spouse tends to experience “a considerable decline in average income,” introducing new financial risk. 

Divorce can add additional layers of complication. When going through a divorce, you may also have to work through negotiation of financial assets such as savings, investments, and real estate. You may also need to divide and rearrange debt. In some circumstances, this can negatively impact your credit score. If children are involved, child support payments and continued financial support of the children involved will have to be considered. You may find consulting a financial advisor helpful for developing new financial strategies in light of these changes.

Should I See a Financial Advisor?

A financial advisor is a professional who specializes in providing advice on strategies that aim at working towards your financial goals. There are many reasons that individuals seek out financial advisors, including but not limited to retirement planning, wealth management, or planning for children’s college expenses. Many people also consult a financial advisor when confronting major life changes. 

Death or divorce from a spouse can come with many new considerations to make when planning your finances, although the exact situation will depend on factors such as your income, debts, existing assets, and the stage of life you are in. Our team at Harvest Wealth Partners understands the importance of including these aspects of your life in your financial plan. At your first consultation, we’ll discuss your goals and financial picture so that we can try to get a better picture of what you are trying to achieve. You’ll also get to know us, so you can decide whether our services are a good fit for you.

Scheduling a Consultation with Harvest Wealth Partners

If you have been through a recent life change such as death or divorce, a financial advisor may be able to answer your questions about the resulting financial impacts. At Harvest Wealth Partners, our objective is to provide comprehensive financial planning services to help you prepare for today and tomorrow. Contact us today to learn more about our financial planning services or to schedule a consultation.