Financial Fears Are Common With Harrisburg Divorce
The divorce process can leave people with a lot of lingering questions. Many of their questions will be about financial implications of their divorce. How will their financial future look? What assets will they be able to keep? These are natural questions for a person to ask.
An experienced family law attorney in Harrisburg can help a person understand the divorce process and work through everything from child custody to property division. Financial assets will need to be thoroughly assessed during the divorce process. An attorney can help a person understand the assets that they have and how they might be divided with a person's ex.
A person can have both liquid and illiquid assets. A liquid asset is something like cash, or assets that can be used to make payments easily. This could also be in the form of a savings account. Illiquid assets would be a house or a car. These are things that have to be sold in order to access the cash value of the asset. It is important that a person strikes a balance between the amount of illiquid assets and liquid assets that they get out of a divorce. Having too many illiquid assets can result in a cash flow issue and financial troubles.
Once a person understands what their assets are and how much they might keep after a divorce, they need to reassess their lifestyle and budget. An attorney can work with financial advisors to ensure a person receives enough liquid assets to support their lifestyle and ensure they understand how their lifestyle might need to be adjusted.
Source: MoneyWatch, "Divorce financial planner: 3 common fears," Robert Pagliarini, Aug. 23, 2013