Many things may prompt a change in your investment strategy, but one of the most dramatic — and sometimes most unexpected — is finding yourself a single investor. If your spouse or partner dies, if you divorce, or if you and your partner separate, your new status will have an impact on the financial decisions you make, both short and long term.
Your first task may be figuring out where you are financially and what must be done to resolve any outstanding issues, starting with switching names on accounts and making sure you know what all your assets and liabilities are. Then you’ll need to look toward the future.
In most cases there’s no reason to act quickly in making investment decisions. That gives you time to consult with former advisers or find new ones who will help you adjust your financial plan or create a new one. One thing you may want to investigate immediately, though, is your health insurance coverage to be sure you and any dependants continue to be protected. You may also need to change the beneficiary on your life insurance policy.
