Author Archives: Kelly

4 Tips for Women Navigating Divorce

4 Tips for Women Navigating Divorce

By Kimberly Quinn, CFP®

The complexity of divorce can be overwhelming for anyone. Whether you saw it coming from miles away or were taken by surprise, it can be emotionally, mentally, and financially draining. This is especially true for women, who often bear the brunt of caretaking responsibilities and may not have as much confidence when it comes to handling household finances. The good news is that while divorce may have its negatives, it’s also an opportunity to create a brand-new life for yourself. 

If you are a woman contemplating or currently going through divorce, here 4 tips to help you feel more secure in your financial future. 

Don’t Be Too Hard on Yourself

Chances are you never thought you would get divorced. You didn’t put on your wedding gown and say your vows with the idea that one day it would end. Maybe you dreamed of your wedding day since you were just a little girl and now that it’s over, you feel like you failed. Or maybe breaking up your family unit has you racked with anxiety and guilt. Whatever you’re feeling, know that it’s completely normal and you are not alone. As much as possible, try to remain optimistic, and don’t beat yourself up in the process

Don’t Rush Your Decisions

Divorce is often a very emotional time in one’s life, which can make it difficult to make rational and informed decisions. It’s hard to balance what’s best for you and your family currently with  what you will need for your long-term future. Try to avoid getting caught up in your emotions as you navigate the process.

Because there are so many difficult decisions to be made, don’t rush. As unenjoyable as a divorce is, you want to carefully consider each decision. The choices you make will have a long-term impact and it’s important that you don’t feel pressured or rushed along the way.

Keep Time-Sensitive Financial Decisions in Mind

Though you shouldn’t push yourself to act, you should keep time-sensitive financial decisions in mind.

Divorce, no matter how amicable, is always complicated by finances. There are many things to figure out, both during and after the proceedings: division of assets, allocation of liabilities, insurance, alimony, custody agreements, and child support, not to mention how and when to file your taxes as a newly single person. Then there’s the possibility of underestimating the future value of the spouse’s employer stock benefits. This situation is made worse for women since they often outlive men by many years. The financial decisions you make during this time become even more important for your long-term financial security and independence. 

Divorce already comes with several financial setbacks (loss of tax benefits, splitting of assets, reduced income, etc.); don’t make your situation worse by waiting to act on important financial decisions, or by making a hasty decision just to get the process over with.

Partner With a Trusted Professional

One of the best things you can do as you navigate divorce is work with a financial planner to address your current needs and your long-term goals. A trusted financial professional will assist you to build a financial strategy, take inventory of your assets and liabilities, and help you decide the best way to divide assets throughout the divorce process. At Catalyst Investment Management, we will guide you through the financial planning process, including:

  • Calculating your monthly income and expenses to determine if you’re spending more than you make. 
  • Looking at your debt and credit card statements to identify any spending habits that need to be changed. 
  • Reviewing your savings, investments, and retirement accounts to get a clear picture of how much money you have. 
  • Creating a budget that works for you in your new post-divorce life. 

This process will help alleviate some of your stress so you can focus on the emotional and legal aspects of your divorce.

Learn More

If you’re a woman contemplating or currently going through divorce, we are here to help. You don’t have to navigate the process alone. To learn more about how our personalized financial planning process can help you feel confident in your financial future, schedule a call by reaching out to us at (617) 610-0587 or emailing [email protected].

About Kim

Kimberly Quinn is co-owner and CERTIFIED FINANCIAL PLANNER™ professional at Catalyst Investment Management, an independent firm dedicated to providing personalized financial advice and planning. With over 30 years of experience, Kim is passionate about developing long-term relationships with her clients so she can provide them with customized solutions that make the most impact on their lives. Kim specializes in serving business owners and pre-retirees and post-retirees who desire a road map to their ideal retirement and women who are recently divorced or in the process of getting a divorce. Every client of Kim’s receives her utmost dedication and attention as they work toward their goals. She graduated from Boston University with a bachelor’s degree in business administration and spent much of her career prior to CIM at Charles Schwab, where she held various roles, including financial planner, vice president, and financial consultant. Outside of work, Kim loves spending time with her two teenage children, cooking, and staying active by running and skiing. Learn more about Kim by connecting with her on LinkedIn, and be sure to register for her free divorce workshop that takes place on the second Saturday of every month.

Client Profile: How I Helped a Recent Divorcee Prepare for Her Future

client profile

By Kimberly Quinn, CFP®

Regardless of how it happens, it can be shocking for any woman to experience the mental, emotional, and financial transition that comes from divorce. Moving forward is never easy, but it doesn’t have to wreak havoc on your future. That’s why I feel passionate about working with women who are either recently divorced or going through the process.  

Along with my colleagues at Catalyst Investment Management, I strive to help women navigate the next chapter of their lives with confidence. Here is just one example of a client I helped adjust after going through divorce.

The Client

My client, “Sheryl” or “Sherry” as she liked to be called, was 58 and recently divorced at the time I initially met with her. She remarried and came to me with questions about retirement planning, legacy planning, and navigating her new financial life post-divorce.

*Client name has been changed to protect confidentiality

The Goal

Though she was happy with her new husband, Sherry was looking for a certain level of financial protection she was lacking during her first marriage. She experienced several financial obstacles through her divorce and wanted to maintain as much financial independence as possible in her new marriage.

Sherry was working at the time she came on as a client, but with retirement right around the corner, she wanted to ensure her finances would be adequate should this new marriage not work out. She also had concerns about protecting her wealth for her children. She wanted to make sure they would receive the bulk of her assets in the event of her passing.

The Process

I believe the best way to help clients reach their goals is to follow a financial plan unique to their specific situation. In order to achieve a truly personalized plan, I utilized a 7-step process to learn more about Sherry on a personal and financial level:

  1. Discovery: Sherry and I had a consultation call where we spent 15-20 minutes getting to know each other. I asked her about her financial goals and concerns and explained the planning process in depth. 
  2. Decide: After the initial discovery meeting, Sherry took some time to decide if we were a good fit for her needs. Like entering a marriage, choosing a financial partner is a huge decision that takes time to consider.
  3. Analyze: Next, I analyzed all of Sherry’s goals in light of her current financial picture, risk tolerance, and return needs. This helped us understand where she was at the start of our relationship and where she ultimately wanted to be.
  4. Strategize: Once we knew the goals, we were able to design strategies specific to Sherry’s financial situation, making sure to always incorporate her unique risk level and personal values. 
  5. Recommend: I presented my recommendations to Sherry and educated her on why they would help her achieve her goals. It’s not enough to tell a client what to do, I always make sure they fully understand the reason why we’re doing it.
  6. Implement: After receiving Sherry’s sign-off on the recommendations, I began the implementation process and helped Sherry complete the necessary tasks to get the plan started. 
  7. Evaluate: Though the plan was implemented, it doesn’t stop there. I provide Sherry with ongoing evaluation of her asset allocation strategy and continue to make recommendations as her financial plan evolves. 

Since Sherry had recently gone through a divorce, I also went through some of the information outlined in my divorce workshop. This helped her feel better prepared to protect herself financially in the event of another divorce in the future.

The Outcome

Through our comprehensive planning process, I created a financial plan for Sherry that allowed her to save enough to retire. It was unique in that it did not incorporate her new husband’s assets at all. 

The income from her portfolio along with her current Social Security benefits have provided Sherry with financial and emotional security for 8 years now! She is able to live comfortably on income from her investments and Social Security, while still growing her portfolio. 

While Sherry does share some expenses with her current husband, she is financially independent. Achieving this goal has given her financial confidence and comfort knowing that should anything happen in the future, she will still be taken care of financially. 

In our 7-step planning process, we also discussed Sherry’s estate and legacy planning. I recommended that she speak with a qualified estate attorney, and together they were able to come up with a strategy that would keep the majority of her assets protected for her children from her first marriage. 

Take the Next Step

Divorce can be a lonely experience, especially when emotions are high and you are constantly bomboarded with advice from well-meaning people. Together with my colleagues at Catalyst Investment Management, we can highlight the steps most important to you and ensure you are not making these difficult decisions alone.

If you are recently divorced, or just now going through the process, we are here to help. To learn more about our process, you can schedule a call by reaching out to us at (617) 610-0587 or emailing [email protected].

About Kim

Kimberly Quinn is co-owner and CERTIFIED FINANCIAL PLANNER™ professional at Catalyst Investment Management, an independent firm dedicated to providing personalized financial advice and planning. With over 30 years of experience, Kim is passionate about developing long-term relationships with her clients so she can provide them with customized solutions that make the most impact on their lives. Kim specializes in serving business owners and pre-retirees and post-retirees who desire a road map to their ideal retirement and women who are recently divorced or in the process of getting a divorce. Every client of Kim’s receives her utmost dedication and attention as they work toward their goals. She graduated from Boston University with a bachelor’s degree in business administration and spent much of her career prior to CIM at Charles Schwab, where she held various roles, including financial planner, vice president, and financial consultant. Outside of work, Kim loves spending time with her two teenage children, cooking, and staying active by running and skiing. Learn more about Kim by connecting with her on LinkedIn, and be sure to register for her free divorce workshop that takes place on the second Saturday of every month.

How to Talk to Your Family About Your Estate Plan

How to talk to your family about estate plan

By Kimberly Quinn, CFP®

The 2019 film Knives Out is a whodunit about a wealthy man who suddenly dies when he is given a lethal dose of the wrong medication by his nurse. His children and grandchildren, an ensemble of very eccentric characters, begin to argue over who is the new owner of his home, his business, and other assets. When a lawyer reads the will, they find out the wealthy man had left all his assets to his nurse. 

While this movie is an exaggerated example of a will reading turning ugly, telling your loved ones what you plan to do with your estate before you die is an important step you should take to ease any tension after you pass.

If you already have an estate plan, congratulations! You are already ahead of the 54% of Americans who do not have a written will that describes how they would like their money and estate to be handled after their death. (1) Creating the plan is only the first step; telling your loved ones how they will be affected by your plan and the reasoning behind your decisions is an equally important step to bring clarity and comfort to your family. 

Roles and Responsibilities

There are two valuable goals in estate planning: taking care of your surviving family and making sure your final wishes are properly carried out. To make both goals a reality, you should assign family members to specific roles and find out what they are comfortable with. You may need an executor, durable power of attorney, and healthcare power of attorney. In some cases, one person may serve in all three positions, or you may assign each task to a different person, depending on their strengths or your preferences. 

You want to ensure that the people you choose for these roles are organized, financially savvy, and willing to take on such a critical task. The last thing you want to do is drop these responsibilities on your heirs in a time of stress or grief. Talk to them about it ahead of time, being clear about what you expect and why you chose them for their role.

Your Wishes and Values

Creating an estate plan gives you control over how your estate is taken care of when you pass away. If you don’t communicate your wishes or share your plans with family ahead of time, at the time of your death, they may be confused. And without a road map to follow, they may have different ideas about what you would have wanted. By taking the proactive step to communicate details now, your family will understand exactly what you want and the values that influenced your decisions. 

This is especially true when it comes to end-of-life choices and financial matters. Make sure you are all on the same page so your family can carry out your final wishes with ease in a time of great grief and stress. 

Your Legacy

How do you want to be remembered? What aspects of your life do you want to imprint on future generations? Having a transparent dialogue with your family gives you an opportunity to communicate how important they are to you and how proud you are of them, impart words of wisdom, courage, advice, and express thanks that they can hold on to for the rest of their life. Your family members will have many memories of you, but this is your chance to reiterate what you want for them and the values you want them to embrace in their lives. Your words will have a lasting impact on your children and future generations, even more than what you leave in your will.

Let Us Guide You

Don’t be intimidated by the heavy emotions involved in this type of conversation. In the end, your honesty and openness will be some of the greatest gifts you can leave your family members. If you need to work on your estate plan or have questions about the best way to get your family involved in the process, you can schedule a call by reaching out to us at (617) 610-0587 or emailing [email protected].

About Kim

Kimberly Quinn is co-owner and CERTIFIED FINANCIAL PLANNER™ professional at Catalyst Investment Management, an independent firm dedicated to providing personalized financial advice and planning. With over 30 years of experience, Kim is passionate about developing long-term relationships with her clients so she can provide them with customized solutions that make the most impact on their lives. Kim specializes in serving business owners and pre-retirees and post-retirees who desire a road map to their ideal retirement and women who are recently divorced or in the process of getting a divorce. Every client of Kim’s receives her utmost dedication and attention as they work toward their goals. She graduated from Boston University with a bachelor’s degree in business administration and spent much of her career prior to CIM at Charles Schwab, where she held various roles, including financial planner, vice president, and financial consultant. Outside of work, Kim loves spending time with her two teenage children, cooking, and staying active by running and skiing. Learn more about Kim by connecting with her on LinkedIn.

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(1) https://news.gallup.com/poll/351500/how-many-americans-have-will.aspx