Many Texas residents will receive a financial settlement at the end of their marriage. For those who experience a high net worth divorce, that settlement can be sizable. Understanding what to do with those funds can be challenging, especially for spouses who allowed their partner to handle the bulk of family finances.
The first step lies in choosing a financial advisor to assist with making the best possible investments. One way to find an advisor is by asking friends and family for recommendations. Another approach is to ask for a referral from a divorce attorney, or another trusted legal or financial professional.
Even before that step, many spouses will want to increase their understanding of investing and investment strategies. If nothing else, reading up on the basics of investing will make it easier to understand the advice offered by a financial advisor. There are a multitude of books on the subject, and even investment clubs and classes. For many people, having a solid understanding of various investment options reduces the anxiety that can come with making such a big financial decision.
Texas spouses should take their time when considering investment opportunities. The stress and turmoil of a high net worth divorce is a lot to bear. It takes some time to settle back into a normal routine, and to have the clarity and focus needed to make life-altering financial decisions. By following these simple steps, many Texas residents can use their divorce settlement as a springboard to a more secure and financially stable future.
Source: Forbes, “Divorce: Investing Your Financial Settlement“, Rob Clarfeld, Feb. 21, 2018