If You’re a Widow or Recently Divorced, Here’s Where I’d Start

Losing a partner—whether through death or divorce—can feel overwhelming. On top of the emotional toll, there’s a flood of financial details and decisions that suddenly land on your plate. It’s easy to feel paralyzed, unsure of where to begin.

You don’t have to figure it all out alone. A trusted financial advisor can be an invaluable partner—helping you take a breath, make sense of your situation, and create a plan that supports your next chapter.

Here’s a straightforward starting point:

1. Gather Key Documents

Collect bank statements, investment account summaries, insurance policies, pension statements, and any legal paperwork (will, divorce decree, separation agreement). Having these in one place will save time and stress later.

How an advisor helps: They know exactly which documents matter and can spot missing pieces you might not realize you need.

2. Understand Your Cash Flow

Make a list of your monthly income sources (salary, pension, investment income) and your regular expenses. This will help you see if you have a surplus, shortfall, or break-even point.

How an advisor helps: They can identify opportunities to reduce expenses, boost income, or restructure your budget so it works for your new reality.

3. Review Beneficiaries and Account Titles

Check the beneficiaries on life insurance policies, registered accounts (RRSPs, TFSAs), and pensions. Also review how bank and investment accounts are titled—this can affect access, taxes, and estate planning.

How an advisor helps: They ensure your wishes are reflected accurately and avoid costly mistakes from outdated paperwork.

4. Revisit Your Investments

Your risk tolerance and goals may have changed. A portfolio that worked for you as part of a couple might not fit your needs now.

How an advisor helps: They can realign your investments so they match your comfort level and long-term objectives.

5. Update Your Estate Plan

Work with a lawyer to update your will, powers of attorney, and any trust arrangements.

How an advisor helps: They coordinate with your lawyer and accountant to ensure your plan is consistent across all areas—saving you time and potential legal headaches.

6. Prioritize Self-Care

Financial stability is only one part of your healing process. Surround yourself with supportive friends, family, and professionals who respect both your grief and your goals.

How an advisor helps: They remove the financial confusion from your plate so you can focus on emotional and personal recovery.

Final Thoughts

Life changes like widowhood or divorce can feel like your world has been turned upside down. But with the right guidance, you can take things one step at a time. A good financial advisor isn’t just about numbers—they’re a steady hand when the ground feels shaky.