Losing your spouse can be the most painful experience, particularly when it happens because of a mishap caused by someone else’s negligence.
In such situations, the family ends up suffering from financial consequences along with grief.
As the surviving spouse, you may suddenly find yourself struggling with money, particularly if the dead partner was a sole or major contributor.
Things can get tougher if you have dependents to look after and money seems to be running out.
Apart from coping with the grief of the loss, you will have to make efforts to recuperate financially.
While recovering from the loss can be a humongous task, here are some things that can help you get your finances on track.
Assess your current financial position
When you are still in shock or grieving, managing finances may be the last thing on your mind.
In fact, it is easy to be overwhelmed by the sheer number and complexity of financial matters to be settled in the weeks or months after the spouse’s death. But this is where you have to start.
There will be some tasks that require immediate attention, specifically an assessment of your current financial position would be mandatory.
The best thing to do is to organize records and paperwork so that you may determine your assets, liabilities, and income potential for the future. Seek the assistance of professional advisers to get things sorted out.
File a compensation claim
Once you have a clear view of things after the initial shock is over, you would want to make sure that the person responsible for the death of your partner is punished.
The next step would be to look for an attorney who can help you file a wrongful death case to get you justice and fair compensation.
The lawsuit serves as a tangible step to bring your finances back on track by getting the compensation you deserve.
At the same time, you will want the responsible person to pay for their actions. Such cases are complex and require the right evidence and arguments.
So it makes sense to find a seasoned attorney who is capable of getting you a favorable verdict.
Plan for the future
The loss of your partner is nothing short of a major blow but life has to go on. If you have a family to take care of, financial planning does not remain a choice.
You will need to cover the basics, from retitling assets to debt management, estate closure, and filing a final tax return on the behalf of the deceased spouse.
These steps are important to start with a clean slate and move ahead with rebuilding your finances.
Additionally, you will also have to take the appropriate steps to claim death benefits through annuities, life insurance policies, and Social Security benefits.
Finding alternative sources of income is equally important because you will have to manage finances alone.
Finding a job if you are not working is a good idea. Consider investing the compensation and death benefits to get a regular income stream.
Dealing with financials may not seem like an easy thing to do when you lose your spouse unexpectedly.
But this is something you cannot ignore- rather, the sooner you get things sorted out, the better it is.