Divorcing Woman Finds Solutions and Support
Amanda’s whole world came crashing down when she discovered that her husband of 14 years was having an affair with a mutual friend. Luke had betrayed and embarrassed her. Although he was apologetic for the distress he had caused her and their children, he felt the relationship had been in trouble for a while. They needed to separate their finances and work out a contact arrangement for their school-aged sons. Amanda felt alone, angry and worried. What was this “new” life going to look like?
Luke had been overseeing the family’s investments to moderate success, directed through a broker who was his friend from college. Amanda had no idea where to begin, who to trust or what questions to ask a financial advisor and she certainly did not want to work with Luke’s buddy. But how would she find the right advisor? The notion of interviewing firms made her uneasy and she did not want to rely on Google to help her make such an important decision.
She asked her divorce attorney what to do. She had a local wealth manager in mind with a great reputation for helping women through tough transitions and brought Amanda to one of their financial education programs for women. Sitting alongside her attorney, sharing stories with the other women in the room (including two divorcees), Amanda felt that, for the first time in a while, she was going to be okay. She connected with one of the presenters and advisors, Patricia, and set up an initial meeting. She signed up as a client shortly thereafter and engaged the firm on a retainer fee while the details of the divorce were worked out.
Patricia’s team partnered with Amanda’s attorney and went straight to work! The most immediate task was to gather information and create a budget. The firm had aggregation software that helped make the process less overwhelming and they set up an electronic vault to keep Amanda organized. Patricia and her team reviewed all assets and advised on what they considered to be the most equitable split. They raised a few “red flags” throughout the settlement negotiations and helped Amanda make informed decisions that would avoid excessive future financial entanglement with Luke. This gave her a sense of control and it felt good.
The journey was not without its ups and downs, but knowing she had a collaborative team that “had her back,” she and Luke reached a settlement and even rebuilt a little trust between them. She saw that he was committed to their children in the long-term, and he understood how important it was for her to stay in their home so the boys’ lives could continue with some normality. They agreed that she would stay in the house and that she would transfer the mortgage into her own name once it was financially viable to do so. He agreed to rent privately nearby and to pay her a reasonable amount of home maintenance.
Amanda felt relieved and was ready to move forward with confidence. She will forever be grateful to Patricia for being the calm in a very stormy time of her life. Amanda continues to benefit from the unique community of support and connection her wealth manager offers and is not shy about referring friends.
This is a fictional situation. Neither the investors nor the advisor are real. The description of independent registered investment advisors is for general information purposes only and does not necessarily reflect the services offered by any particular advisor. Advisors’ services, investment strategies and conditions for accepting accounts may vary.