Ask an Advisor: I’m a 58-year-old woman getting divorced. My husband managed our finances and I need help. Should I hire a financial advisor?

I’m a 58-year-old woman getting divorced. For the duration of our marriage, my husband managed our finances and now I need help. Should I hire a financial advisor?

– Anonymous

Divorce is a significant, sometimes traumatic, life event. But it’s also a significant financial event! Especially when you’re the “dependent” spouse, as it’s termed, you’re in a situation where you suddenly have to make the financial decisions – all of them, on your own.

Having worked with so many women post-divorce, I understand that things are going to be emotional. How could they not be?! We’re talking about your life, your security, your self-worth, and all you hold dear.

You’re facing real changes – perhaps scaling back your lifestyle, possibly returning to paid work or earning more, potentially losing your health insurance and other benefits from your ex’s job. And the vision of your future has changed dramatically.

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Where Are You in the Divorce Process?

Before hiring a financial advisor, it’s important to consider where you are in the divorce process. Is your divorce pending or finalized?

There are advisors who specialize in walking with clients through the divorce process. They have a designation called the Certified Divorce Financial Analyst (CDFA), which comes with specialized knowledge and tools for navigating the legal considerations effectively. (Quite honestly, they’re usually better equipped to handle money questions than your lawyer!)

However, once the divorce is done and the settlement terms are spelled out, you’re faced with a different set of questions, such as:

• How will this affect your lifestyle?
• If you’re getting a lump sum, how do you use it wisely?
• What happens when alimony and/or child support payments end (whether you are paying them or receiving them)?
• Will you have enough to support yourself and your kids (if you have them)?
• How can you get past the worry so you can start envisioning what kind of life you want to live, now that YOU get to decide?

After the Divorce is Final

This is what I specialize in, along with my team – We help women move forward after their divorce is final and prepare a plan to make the most of what you’ll have to work with.  We make room and create a safe space to have those intimate conversations.

We firmly believe that we can’t make money decisions until we’re all super clear on what that money needs to do for you! Money is just a tool – what are its jobs in your life? Clarity brings calm and makes the choices much simpler. And you don’t have to do it alone.

Whenever you’re looking to hire a professional, the first step is to get super clear on what you’re hoping that person can do for you, then go look for experts in that.

The Benefits of Hiring a Specialist

When it comes to choosing a financial advisor, hiring a specialist who understands the challenges divorced women face means you have less explaining to do. You know the advisor understands some key aspects of your situation right off the bat – that you worry about building (or re-building) financial security for yourself now that you have no one else to fall back on; that you are the sole decision-maker on all the crucial decisions you face; and that you really have no one to talk to about your money.

A specialist financial advisor for divorced women knows the crucial decisions you’ll face following your divorce and serves as a trusted guide to walk alongside you during this difficult period. Your advisor should help you emerge feeling stronger and more confident about your financial future, working together to: 

• Gain a better understanding of your financial settlement
• Make decisions about your home and employment situations
• Envision multiple scenarios to help you cope with future uncertainty
• Design a lifestyle that fits your means, so you understand where you can and should spend your money
• Build a financial decision-making process to help you filter out the noise and focus on what’s best for you
• Get decision support and accountability going forward, so you get things done, avoid mistakes, and feel confident in your choices

With my clients, I focus our time in these areas. Together, we implement, monitor, and adjust as life happens. And we are a reliable resource for you whenever important financial decisions arise.

Stephanie McCullough is a financial advisor specializing in working with woman who are 45 and up. As Founder and CEO of Sofia Financial, Stephanie’s passion is empowering women to make wise financial decisions and reduce their areas of money stress.

Get to know Stephanie by visiting her profile page on Wealthtender or visiting her website at sofiafinancial.com.

Please note that Wealthtender earns a nominal monthly fee from Stephanie in exchange for providing access to the benefits described here, subject to these terms. This compensation creates a natural conflict of interest when we favor promotion of Stephanie and other financial advisors in the Wealthtender community over advisors not featured on our platform. Wealthtender is not a client of these advisors or firms.

This article is intended for informational purposes only, and should not be considered financial advice. You should consult a financial professional before making any major financial decisions.

Find a Financial Advisor

Do you have questions about your financial future? An experienced financial advisor can help you enjoy life more with less money stress. Get to know the financial advisors featured in this article and hundreds more by visiting Wealthtender’s free advisor directory.

Whether you’re looking for a specialist advisor who can work with you online or a nearby financial planner, you deserve to work with a professional who understands your unique circumstances.

Have a question to ask a financial advisor? Submit your question and it may be answered by a Wealthtender community financial advisor in an upcoming article.