Going through a major life change, such as divorce, the death of a spouse, or becoming an empty nester, can leave you feeling like the ground has shifted beneath your feet.
These transitions bring emotional upheaval. But they also raise important practical questions, especially around your finances:
- “Am I going to be okay?”
- “How do I manage everything on my own now?”
- “Where do I even begin?”
These are important—and completely normal—questions to ask.
At Apprise, we help women facing new beginnings flourish through life’s big changes. If you’re navigating financial planning after major life changes, here are some practical steps to help you regain clarity and confidence as you move forward.
1. Take a Pause Before Making Major Decisions
In the immediate aftermath of a big life event, emotions often run high. Grief, relief, confusion, or overwhelm can cloud judgment.
Whenever possible, give yourself permission to wait before making irreversible financial decisions. It’s much harder to think clearly and make good decisions when you’re experiencing emotional stress. That might mean holding off on selling the house, changing investment strategies, or giving away assets. Instead, focus first on gaining clarity.
Think of this time as triage. Take care of what’s urgent. Defer what isn’t.
2. Inventory Your Financial Life
Start by gathering and organizing what you own and owe:
- Bank, brokerage, and retirement accounts
- Insurance policies
- Property titles
- Liabilities (mortgages, credit cards, personal loans)
- Income sources (Social Security, pensions, alimony, child support)
If you recently lost a spouse or finalized a divorce, some accounts may need to be retitled. Others may need to be closed or restructured. You may also need to apply for survivor benefits or divide retirement assets.
This process can feel overwhelming, especially if your spouse previously handled the finances. But taking stock helps you regain control. If you’re unsure about what to do or have questions about your options, consider seeking professional help. Someone, like Apprise, who can partner with you and help you make the best decisions for you.
This is often one of the most important steps in financial planning after major life changes, especially if you didn’t previously manage your finances.
3. Revisit (or Create) a Spending Plan
Your income and expenses are likely to look different now. Understanding your new cash flow is key.
Begin by reviewing:
- Regular household bills
- Discretionary expenses
- New costs (such as legal fees, health insurance, or therapy)
You may also have changes in income—perhaps less in terms of your spouse’s earnings or changes to your Social Security survivor benefits. If you were both receiving Social Security benefits, you will continue to receive the higher of the two benefits. The other one will stop. Use this time to develop a spending plan that reflects your new reality and priorities.
Many consider budgeting a four-letter word. But understanding your monthly inflows (primarily income) and outflows (expenses and debt payments) can provide real clarity. It can also keep you out of trouble by giving you an indication as to whether you might be spending too much.
When thinking about expenses, separate your fixed expenses from your variable expenses. Examples of fixed expenses include monthly rent or mortgage payments, utility costs, and groceries. Variable expenses include dining out, vacations, and shopping for items other than necessities.
4. Update Beneficiaries and Legal Documents
After divorce or widowhood, it’s essential to update:
- Beneficiary designations on retirement accounts and insurance
- Your will and any trusts
- Powers of attorney (financial and medical)
- Health care directives
Many people forget this step—or don’t realize how important it is. Failing to update your documents could result in assets going to the wrong person, or someone you no longer trust making decisions on your behalf. For example, if you don’t change your beneficiaries after getting divorced, your ex will inherit the assets held in financial accounts on which he or she was named as the beneficiary.
5. Reassess Your Goals: Financial Planning After Major Life Changes
A new chapter in life often calls for a fresh look at your financial future. This makes goal setting an essential part of financial planning after major life changes. A life change often reshapes your personal vision. You may need to rethink what retirement looks like or shift your focus toward stability, freedom, or even reinvention.
Ask yourself:
- What do I want the next chapter to look like?
- What does “enough” mean to me now?
- What would help me feel more secure, confident, or fulfilled?
Your money should support the life you want to live, not the other way around. A fresh financial plan can help you move forward with more clarity and purpose. Creating a life plan can also help you clarify what matters most to you. Aligning your TEAM of capital—Time, Energy, Attention, and Money with what matters most to you positions you to live your most fulfilling life.
6. Build a Support Team You Trust
You don’t have to go it alone. In fact, you shouldn’t.
Seek out professionals who respect your values and communicate clearly:
- A financial advisor who understands the emotional and financial side of life transitions
- An estate planning attorney
- A CPA or tax professional
- A therapist or grief counselor, if needed
At Apprise, we walk alongside women as they navigate these changes—helping them turn what can feel like an ending into a new beginning. We partner with you and work as a fiduciary on your behalf. We make recommendations in your best interests, not what’s best for us.
Final Thoughts
You may not have chosen this new chapter, but you do get to choose how you move through it.
Financial planning after major life changes isn’t just about money. It’s about rebuilding confidence, reclaiming agency, and creating space for what’s next.
If you’re ready to take that first step, I invite you to schedule a free strategy session. You don’t have to figure everything out today. You just have to take the first step. Click here to get started.
Our practice continues to benefit from referrals from our clients and friends. Thank you for your trust and confidence.
If you would like to speak with us about financial topics, such as navigating new beginnings, managing your investments, creating your life plan, or saving for retirement, please complete our contact form or schedule a call or virtual meeting via Zoom. We will be in touch.
Follow us:
Please note. We post information about articles that can help you make better money-related decisions on LinkedIn and Facebook.
For firm disclosures, see here: https://apprisewealth.com/disclosures/
