Ending a marriage is far from a simple process, particularly in the area of finances. This is the case no matter what a divorcing couple’s net worth might be, but it is especially true in a high-asset divorce in Maryland. However, financial advisors can help divorcing individuals to navigate the financial aspect of divorce more confidently.
An important role of financial advisors during divorce is to help people to figure out how to meet their immediate needs using their financial resources. As an example, rather than holding onto real estate assets, it might behoove them to seek cash assets instead. Real estate is not liquid, so it is not readily available to meet an immediate financial need. In the same way, financial investments typically are not liquid because people have to sell them to access the cash in them, and this can have unwanted tax consequences.
Financial advisors may also help divorcing individuals to determine how best to protect themselves financially in the long run. For instance, they may want to take college courses to learn new career skills. Ideally, their goal should be to be as self-sufficient as possible moving forward, rather than depending on their divorce settlements to carry them long-term.
Along with a financial advisor, a divorce attorney in Maryland can also help people in high-asset divorce situations to make wise decisions regarding matters such as alimony. In addition, if two divorcing parties have young children, an attorney can offer guidance related to child support. The attorney will seek an outcome that is ultimately in his or her divorcing client’s best interest, given the circumstances surrounding the marital breakup.