HomeAbout Us

I've had a change in marital status

Few life events can affect your financial situation like a marital change. In almost all cases, it's a time to revisit your financial plan, making adjustments not only for income and expenses but also for your goals. Work with a BMO Harris financial advisor to make sure your financial plan continues to reflect your new situation.

Married

From financial accounts and budgets to debts and taxes, your financial picture will look very different after you. marital changes. Ideally, you'll want to meet with your financial advisor before changes occur to explore how your needs will change and decide how you want to organize your postnuptial finances. For example, you may want to:

  • Combine your savings and investments
  • Retitle your accounts
  • Purchase additional life insurance
  • Appoint Powers of Attorney

Your BMO Harris financial advisor can help you assess your needs, recast your financial plan, and make sure you are on track to achieving your financial goals.

Divorced

Divorce is a change that can be a trying time, and one that may change your financial condition considerably. Beyond shifting from two incomes to one, you'll be planning for the future based on the marital change. Your BMO Harris financial advisor can ease the burden by helping you:

  • Redefine your retirement and other life goals
  • Create a new budget
  • Re-evaluate your retirement income needs
  • Examine your life and health insurance needs

Whatever the financial outcome of your divorce, your BMO Harris financial advisor will help you stay on track toward your goals.

Widowed

When a spouse dies, new financial decisions add an extra layer of complexity to an already difficult situation. An estate plan can address many of the common financial challenges that arise after a loved one passes. However, you're still likely to face some brand-new issues at an emotionally difficult time. Your BMO Harris financial advisor can help you and your family:

  • Handle inherited assets tax-efficiently
  • Manage life insurance proceeds
  • Update beneficiaries on your own accounts
  • Revisit your financial goals and adjust your plan
  • Make sure you have enough income to last for the rest of your life

Meet with your financial advisor early. Talk about what you want to happen upon the passing of your spouse. There are things you can do now that may make the transition easier.

Contact a Financial Advisor