Alice Turner.

Rebuilding financial confidence after divorce

At-a-Glance

Ages: Alice (53), Megan (16), Josh (14)

Top Priorities:

Rebuilding financial independence after divorce
Securing her children’s financial future
Planning for her own retirement

Key Financial Goals:

Establishing a personalized financial plan
Balancing immediate needs with long-term goals like education and retirement

Where They Are Now: Alice has regained control of her finances and has a secure plan in place for herself and her children’s future.

Overview

Alice Turner — a marketing executive, her daughter Megan, a high school junior, and her son Josh, a high school freshman — faced significant changes when Alice went through a difficult divorce after 25 years of marriage. The separation left Alice with the challenge of managing her finances on her own for the first time in decades.

Alice needed to rebuild her financial independence, secure her children’s futures, and navigate the emotional and logistical complexities of her new life.

Challenges and HT|TC Solutions

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Rebuilding Financial Independence

Alice’s divorce brought about substantial changes to her financial situation. With her assets divided and her income reduced, she found herself in a position where she needed to reassess her entire financial strategy.

HT|TC's wealth management team provided Alice with personalized support, helping her create a new financial plan aligned with her post-divorce life. The team began with a thorough assessment of her assets and liabilities, which gave Alice a clear picture and solid understanding of her financial situation. This included reviewing her investments, retirement accounts, and any debts she had incurred during her marriage.

HT|TC worked closely with Alice to establish new financial goals, including rebuilding her savings, planning for retirement, and setting aside funds for her children’s education. The team also helped Alice prioritize her financial objectives, focusing on creating a budget that would allow her to live comfortably while working towards her long-term goals.

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Estate Planning and Trust Services

With her divorce finalized, Alice needed to update her estate plan to reflect her new situation.

HT|TC collaborated with Alice and her attorney to develop a comprehensive estate plan that addressed her potential future needs. This included revising her beneficiary designations on her retirement accounts and life insurance policies to remove her ex-husband and include her children.

The team also guided her through the process of revising her will and establishing a trust that would protect her assets and provide for her, Megan, and Josh. Alice chose to name HT|TC’s in-house trust company as successor trustee of the trust. Knowing that HT|TC's wealth management and trust teams work seamlessly together, she felt confident that her assets would be professionally managed with care today and that her trust would be handled in line with her wishes in the future.

Additionally, HT|TC guided Alice in updating her healthcare directives and designating powers of attorney, so that her medical and financial decisions would be made according to her preferences.

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Financial Literacy and Confidence Building

Having previously relied on her husband regarding financial decisions, Alice felt uncertain about managing her finances on her own.

HT|TC recognized the importance of empowering Alice with the knowledge and confidence she needed to navigate her new financial reality. The team offered ongoing financial literacy sessions tailored to Alice’s specific needs, covering essential topics such as budgeting, investment strategies, and retirement planning.

Alice was also introduced to tools and resources that would allow her to track her spending, monitor her investments, and make informed decisions about her financial future.

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Retirement and Long-Term Planning

With retirement on her mind, Alice needed reassurance that she would have enough savings to support her future needs, despite the financial impact of her divorce.

HT|TC worked with her to develop a plan for a comfortable retirement, aligning her retirement goals with her financial reality and adjusting her investment portfolio to match her updated risk tolerance and time horizon.

The team also explored insurance options with Alice, including long-term care, to help protect her from unexpected medical expenses and the high costs of aging, and relieve her children of future financial burdens.

Outcome

Alice successfully navigated the challenges of becoming single after her divorce, rebuilding her financial independence and taking control of her financial future with the comprehensive support of HT|TC.

Her new financial plan provided a clear path forward, allowing her to focus on her career and personal growth while knowing that her family’s future was protected. Alice’s updated estate plan and trust management services helped safeguard her assets, and her wishes were clearly communicated.

Through HT|TC’s financial literacy support, she gained the confidence to manage her finances independently, setting the stage for a secure and fulfilling future.

* Although this story is representative of the work HT|TC does to support the clients we serve, all individuals are fictional and do not represent actual clients.