How will the Government Shutdown affect my Divorce?
If you are contemplating filing for divorce, or if have a divorce pending, you may be concerned about how a government shutdown will affect your cashflow and investments. The good news is that the economic impact, overall, is likely to be small. In late 2013, a similar government shutdown, spanning 16 days, trimmed overall economic growth by about half a percentage point throughout the year. Of course, the impact on any one person may depend on individual employment and location. In addition, if some or all of the government workers are paid retroactively, the overall economic impact likely to be minimal.
If you are not a federal employee or associated with an industry directly impacted by the government shutdown, you may not feel a direct economic impact from the shutdown – unless it persists. If the shutdown persists into late January or early February, it could delay tax refunds which would have a direct impact on many American households.
A government shutdown is not a new phenomenon; therefore, we know from past experience that the shutdown is not going to cause a broad breakdown in the US economy. If you are contemplating filing for divorce, or if have a divorce pending it is important that you consult with a divorce attorney and financial advisor to formulate a plan that works for your particular situation taking into account, your needs, employment, and financial holdings.
This post was written by Thomas A. Greenwald.
“Discipline and thoughtful planning are the secrets to successfully achieving clients’ goals while minimizing the emotional and financial costs of their cases.” – Tom Greenwald