kara.baker@cibc.com | LinkedIn | CFP® Profile
Navigating a Divorce or Loss of Spouse?
I understand how overwhelming it can feel when life takes an unexpected turn—whether through divorce or the loss of a partner. I’ve been there myself, and I’ve walked alongside many clients on similar journeys.
What I’ve learned is that you don’t have to face these moments alone. With compassion, practical guidance, and a thoughtful financial plan, it’s possible to find your footing again and move forward with renewed confidence. I’m here to help you take those first steps—at your own pace, and on your own terms.
I offer financial planning services for widows and divorcees in Lethbridge and throughout Southern Alberta. If you’re in the area and facing a major life transition, I can help you protect your wealth and plan for the future with confidence.
Are you navigating life after the loss of a partner or a divorce? You’re not alone. Proactive financial planning can help you take control and protect your wealth during life’s biggest transitions.
Why Planning Matters for Widows and Divorcees
No one expects to face divorce or the death of a spouse, but being prepared can make all the difference. Having a clear financial plan empowers you to make informed decisions—reducing stress and uncertainty during difficult times.
1. Start the Conversation Early
Open communication is key. Discuss your financial plans with your partner early in your relationship. Address questions like:
- How will assets be divided if the relationship ends?
- What are your joint and individual financial goals?
- Who manages day-to-day finances?
Tip: Document your agreements in writing, such as a domestic partnership or cohabitation agreement. This is especially important if one person handles most financial matters.
“Everyone has a different relationship with money. Having open discussions early on gives you time to pivot and adjust your plans as circumstances change.”
Susan Wood, Director of Wealth Strategies, CIBC Private Wealth
2. Protect Your Personal Assets
While sharing is part of any partnership, it’s wise to keep certain assets separate—especially inheritances or investments made before the relationship.
- Open individual accounts for personal assets.
- Designate beneficiaries for these accounts.
- Consult a qualified family law practitioner for legal guidance.
3. Update Estate Planning Documents Regularly
Review your will, power of attorney, and trusts at least once a year.
- Update beneficiaries as your circumstances change.
- Remove your ex-spouse from documents after divorce to avoid unintended claims.
- Don’t delay making important changes—act promptly.
4. Review Life Insurance and Long-Term Care
Ask yourself:
- Is your life insurance set up to support you if your partner passes away?
- Are you protected if you are removed from a policy after divorce?
Review policies together to ensure your needs are covered, and seek advice if you’re unsure.
5. Create an Inventory of Financial Assets
List all joint and individual assets, including:
- Bank accounts
- Investments
- Real estate
- Retirement plans
A comprehensive inventory ensures you receive everything you’re entitled to if you divorce or lose your partner. A financial advisor can help you organize and plan effectively.
Get the Expertise and Support for Life’s Transitions
Whether you’re facing a new beginning or an unexpected challenge, you don’t have to do it alone.
If you have questions about protecting your wealth as a widow or divorcee in Lethbridge or Southern Alberta, contact Kara today for personalized guidance.
Frequently Asked Questions
Who should consider separate accounts?
- Anyone in Lethbridge, Southern Alberta, or elsewhere who has received an inheritance, owns significant pre-marital assets, or wants to ensure financial independence.
How often should I update my will?
- Review your will and estate documents at least once a year or after any major life event (divorce, marriage, birth, or death).
What if I don’t know where to start?
- A financial advisor can help you take inventory of your assets and develop a personalized plan—especially for clients in Lethbridge and Southern Alberta.
Protect Your Wealth. Secure Your Future in Lethbridge & Southern Alberta.
Take proactive steps today to safeguard your financial well-being, no matter what life brings. Kara is honored to help widows and divorcees in Lethbridge and all of Southern Alberta build confidence and a plan.
Secure Your Future With Confidence
Contact Kara Baker, CIBC Wood Gundy Lethbridge
403-382-2025
Kara.Baker@cibc.com to schedule a consultation.
