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Loss of a spouse—whether
through death or divorce—can
be one of the most traumatic
events you may face in your life.
The possible rush of intense
emotions surrounding this event
may be the beginning of a long
and painful transition time.
nitial feelings of numbness and shock
may be followed by other emotions—
grief, anger, fear, or even a desire for revenge
in the case of an acrimonious divorce. And
while thinking about the practical details of
your financial life may be one of the last
things you want to do, there can be serious
financial repercussions to your new circumstances
that are very important to understand.
F I R S T S T E P S for Widows/Widowers
It's almost impossible to be emotionally or financially
prepared for the death of a spouse. For
couples who have taken the time to talk about
contingencies after the death of one partner, the
financial transition may be a little easier than for
those who have not dealt with any of the practicalities
surrounding the death of a spouse. Even when
financial matters have been tended to, a broken
heart may still hamper one's ability to deal with
financial decisions.
There are very few decisions that must occur
immediately following the death of your spouse.
Many experts believe that the biggest mistake
most people make is not going slowly enough
through the maze of decisions that must be made.
However, there are a few actions that should be
taken immediately, as listed in "First Steps for the
Newly Single" sidebar.
F I R S T S T E P S for the Separated or Divorced
Most people assume they are entering a life-time partnership when they
get married. But the statistics show otherwise. According to recent data,
there were about 20 divorces for every 1,000 married women over the age
of 15.1 While the emotional effects of this event can be devastating and
unpredictable, managing the financial aspects of a separation or divorce
is actually something you can control to a large extent. Your first steps
are similar to the actions of those suffering from the death of their
spouse and include the first four items listed in the sidebar "First Steps
for the Newly Single."
1http://missourifamilies.org/quick/divorceqa/divorceqa3.htm
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