Money Myths that hold women back
- Feb 11
- 3 min read
By Aviva Pinto, CDFA, CDS
Managing Director, Wealthspire Advisors
As a Certified Divorce Financial Analyst and Wealth Manager, I specialize in supporting women navigating divorce or the loss of a spouse. A common myth is that women are not good with finances; in reality, many simply haven’t had the opportunity to manage them. My role is to empower clients to take control of their financial future.
For Women Going Through Divorce, it is important to realize that divorce is about two things: money and custody. Understanding the financial landscape is essential. I guide clients to gather and organize all relevant documents, including bank and investment statements, tax returns (last five years), estate planning documents (wills, trusts, powers of attorney), income records, and property deeds.
Together, we complete a statement of net worth, detailing assets, debts, income, and expenses, and distinguishing between individually and jointly owned property. Clients learn that post-divorce, the same income must support two households, often requiring lifestyle adjustments. Refining the budget to reflect this new reality is critical.
I emphasize the importance of understanding tax consequences when dividing assets, liquidating investments, selling property, or rolling over retirement accounts. Factoring in inflation and longevity is especially important for women divorcing in their 50s, as they may live several decades post-divorce.
We work to avoid common mistakes, such as focusing solely on child custody and overlooking the long-term financial impact of keeping the marital home (mortgage, maintenance, taxes). It’s vital to consider child and spousal support (alimony) and the broader financial picture.
I encourage clients to work with professionals who specialize in divorce to ensure all legal and financial aspects are addressed. Recognizing the unique financial challenges women face after divorce—including a potential drop in household income and the need for financial recovery—is key. I support clients in setting new financial goals and building a brighter future for themselves and their families.
For Women Who Have Recently Lost a Spouse, I tell them there are some things that need to be done immediately, but most can wait until they are not in shock and grieving. Essential steps include obtaining 15–20 certified copies of the death certificate from the funeral home, locating insurance policies, marriage and birth certificates, the will, a list of assets, military discharge papers, and Social Security numbers.
A trusted relative or friend can help contact Social Security, financial institutions, insurance providers, and the deceased’s employer to update records and claim benefits. Meeting with a wealth manager to review cash flow is important; I help clients determine immediate expenses and ensure sufficient liquidity for the next 6–12 months.
Retitling assets and updating beneficiary designations on financial accounts, insurance policies, and retirement plans should be done promptly. Taking an inventory of assets (real estate, investments, bank accounts, valuables) and debts provides a clear financial picture.
If eligible, clients can apply for Social Security Survivor Benefits, and we discuss the optimal timing for claiming them.
Filing claims for life insurance and reviewing annuity and pension benefits is also important, as is understanding payout options to avoid tax mistakes.
I advise clients to work with their trust and estate attorney to probate the will, pay debts, and distribute assets to beneficiaries. Updating estate documents ensures their wishes are reflected. We also review step-up in basis for inherited assets and file necessary estate tax forms.
Creating a budget, tracking spending, and understanding financial responsibilities—especially for those not previously involved in managing finances—are crucial steps toward financial independence. I caution against making major financial decisions (such as selling the home or making large gifts) during the first year unless absolutely necessary, and warn clients to avoid anyone pressuring them to buy financial products or make quick decisions while grieving.
Women can overcome the myth of not being good at finances and learn to manage on their own or with the help of a trusted wealth manager.
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