Surviving the Loss of a Spouse
One of the most difficult experiences in life is the loss of a spouse. In addition to grieving the loss of your partner, you may also feel overwhelmed by the need to make important financial decisions that could have a lasting impact on your financial future. While no one can ever be completely prepared to deal with loss, especially when compounded by legal and financial concerns, there are steps you can take to ease the burden of additional stressors that you may encounter at this time.
It is important to realize that grief affects everyone differently. Depending on your relationship with your spouse, whether you have children, your life experiences, your belief system, and many other factors, the grieving process can vary considerably from one person to another. There is no "right" way to grieve, and there is no time frame for recovery.
Some people find solace among others who have experienced a similar loss, such as a bereavement support group through a local hospital, place of worship, or community center. Others may find comfort and relief through work, exercise, a new hobby, or time spent with good friends. Reach out to those who have offered to help you. Whatever you do during this time, remember to take care of yourself and know that you are not alone.
Of course, certain matters will require your immediate attention, such as notifying family and friends; making funeral arrangements; and contacting your attorney to review the will and handle the legal aspects of your spouse's estate. Let your family, closest friends, and trusted advisors help you with these details and short-term decisions, but proceed cautiously with major financial decisions, such as selling your home, borrowing or lending money, investing, making major purchases, or career changes. Consider the following financial checklist:
Taking Charge of Your Finances
If your spouse was the primary breadwinner and managed the family finances, it may take time to assess your financial situation. Your attorney, financial professional, or even a family member or friend can help you sort through important papers and documents and create a financial strategy that will work for you. During the first few months, pay the outstanding bills and monitor cash flow and liquidity. Keep a running list of financial questions as they arise, and be sure to seek guidance and support.
As you begin to make decisions, there will be important issues that need to be addressed, such as determining your income needs, managing money on your own, re-evaluating insurance coverage, and continuing to meet the needs of your children. Some of your decisions will come easily, especially if they are based on financial need. Others may be based on what you feel is best for you and your family. Will you want or need to work? If you are currently employed, will you stay in the same position? If you have not worked for some time, will you need to acquire more education or enhance your technical skills? It may take time to feel comfortable making major decisions on your own, but you can consult with professionals for help determining the next steps you need to take.
Ideally, a family will have their financial affairs in order before a sudden loss occurs. However, life is unpredictable. Therefore, be sure to organize and safely file important papers, such as marriage and birth certificates, tax returns, retirement account records, insurance policies, investment and bank statements, and estate planning documentation. Should such circumstances ever arise again, you or your loved ones will be prepared.
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