Magazine article Newsweek

Surviving the Loss of Your Partner

Magazine article Newsweek

Surviving the Loss of Your Partner

Article excerpt

The loss of someone you have shared your life with is devastating. Everyone needs time to overcome the emotional impact--and many never really do.

In the midst of loss, no one wants to think about money. Yet the financial decisions you make when your partner dies will profoundly influence the rest of your life. "My husband didn't prepare me at all," says a woman who lost her husband in 1995. "I didn't really have a handle on what needed to be done. My husband had always handled our business and financial affairs. When he died, I was fifty years old and had a nine-year-old daughter. I didn't know what our assets were, nor did I know how to find out. Since my husband's death, I have talked to other widows and I know that my experience is not an isolated one."

If you find yourself in a position like this woman--or even if you are a bit more involved in you family's finances, but aren't 100% sure what your next step should be--you might consider hiring a financial advisor to sort through some of your financial issues, to save your own time and energy for the other daunting challenges that you will no doubt be facing.

A financial advisor will need all the information, and all the paperwork, you can gather that relate to your financial situation, including:

* Employment

* Recent wage and salary data, including raise notifications, W-2s and pay stubs

* Employment or business contracts

* Benefit statements

* Business tax returns

* Home ownership and property rental documents

* Purchase or lease documents

* Insurance data (life, health, disability, etc. …

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