Client Case Study #7

Women in Transition – Mary, the recent divorcee

Mary was in the midst of a difficult divorce when she was referred to us by her divorce attorney. Married for nearly 20 years, Mary struggled to grasp how the divorce would affect her ability to maintain her current standard of living and her future security throughout retirement. Along with these concerns, Mary needed to be prepared to contribute 50% towards her daughter’s college education expenses for the next three years.

During her transition, she also felt passionate about continuing to support the charities with which she was involved. Involvement in these charitable organizations would provide Mary with continuity that was especially important during this difficult time.

Mary was unsure about which assets to acquire during the divorce settlement. Since her only other source of income would be alimony, she needed our recommendation for choosing among her primary residence, vacation home, securities, and cash. In the process of analyzing her settlement, we noticed Mary’s portfolio was exposed to unnecessary risks, given her goals and investment horizon.

During the Wealth Management Process, we pulled in several members of our Expert Advisory Group to assist her in maintaining her financial independence. This included working with an estate-planning attorney to help re-arrange her estate documents, and adjusting her will to leave a majority of her estate to her daughter (not her ex-husband). In the course of her insurance planning, it was determined that the vacation home was built below the flood zone and the slate roof was in need of serious repair.

As advocates of her best interest, we walked Mary through several scenarios and engineered a plan that gave her the ability to meet her immediate cash needs, fund her retirement, as well as provide for her charitable giving desires during an emotional and difficult life transition.

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