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Reno Nevada Family Law Blog

How to value a business for divorce purposes

Nevada residents who work with their spouses may face unique challenges in the event of a divorce. For some, the business represents their largest and most valuable asset. Therefore, it is worth knowing how much the company could get on the open market. It is also a good idea to know how much debt that it may have or if there are other liabilities to consider.

Those who jointly own a company with a former spouse may be entitled to a buyout. The amount of the buyout depends on how much the company is valued at among other factors. Determining the value of a business may require hiring an objective outside party instead of a business owner making an educated guess.

How studies predict divorce

Nevada couples who have a ten-year age difference might be more likely to get a divorce than couples who are closer in age. This and some other factors have been identified as increasing the likelihood of divorce. For example, couples who marry in their teens or after their early 30s are more likely to divorce than people who marry in their late 20s.

If a husband does not work full-time, divorce is more likely. Divorce is also higher among couples who did not finish high school. While the latter may be related to the stress caused by a lower income, the former does not seem to be correlated to income. The reason may be that there is still a perception that men should be breadwinners.

Guardianship of an adult in Nevada

When age or illness affects a loved one's physical and mental abilities, guardianship may offer the best way for you to help with finances, health care and any other needs.

Nevada law provides for several types of guardianships. Understanding the responsibilities and limitations of each kind of guardian can help you determine which would be most appropriate for your situation.

Situations in which divorce may be the right choice

Some Nevada couples who are considering divorce might feel as though it means they have failed. However, in some cases, divorce is the best choice for two people who have irreconcilable differences. Couples who understand that their relationship is not a failure if it ends in divorce and that it is better in their circumstances to part ways might be better able to negotiate a settlement without the anger and stress that is often involved.

Some situations make it clear that ending the marriage may be the best option. For example, if there is abuse, it may be necessary for the victim to leave. A marriage might also end if there is infidelity or the temptation to infidelity that a person is unable to set aside. In the latter example, counseling might help. However, there are circumstances in which couples go to counseling for whatever issues their marriage has and even try multiple counselors without improving their marriage. This can also mean the marriage is over.

Why some people are more likely to get divorced

Nevada residents who get married too young or get married too old may be at a higher risk for a divorce. This is according to the Institute of Family Studies. However, age is just one reason. For instance, those who have daughters may also be more likely to see their marriages end.

The reason is that girls are more likely to survive a stressful pregnancy, and a stressful pregnancy may have to do with issues in a marriage. It is also possible that some fathers would prefer to have sons as opposed to daughters. Those who finished college may have an advantage over those who didn't finish college when it comes to their divorce risk.

Divorce may be necessary when relationships turn toxic

Nevada couples sometimes stay together even though their marriages may seem beyond repair to their friends and family members. Seemingly fatal blows such as adultery or some other form of betrayal may be overcome with commitment and forgiveness, but there are situations where trying to salvage a toxic relationship may do more harm than good to the spouses and the children involved.

Marriages may become unrepairable when spouses turn to alcohol or drugs and refuse to acknowledge that they have a problem or are unwilling to seek help. Addiction is a painful road that rarely leads to happy outcomes, and it can be extremely difficult for spouses to accept that the person they once loved can no longer be trusted or relied upon. Ignoring alcohol or drug issues enables addicts and makes recovery even less likely, but the emotional trauma of divorce proceedings could prompt substance abusers to reevaluate their choices and get their lives back on track.

Why financial planning matters in a divorce

Both men and women in Nevada may benefit from having a financial plan in the event of a divorce. This is because women are increasingly becoming the breadwinners in a household or taking an active role in managing financial affairs. One of the first steps that a divorcing couple may want to take is creating a budget for after the divorce. Information related to a couple's assets and liabilities should be gathered and analyzed thoroughly.

From there, it is important to decide how debts will be paid, if the family home will be kept and how the children will be cared for. This may play a role in determining if either party will receive alimony after a divorce is finalized. Alimony is considered income to the person receiving it and a deduction for the person paying it.

The financial impact of gray divorces

Older Nevada couples who are getting a divorce should know that it can have a significant and negative impact on their finances. They should also know that because they are close to retirement, they have a limited amount of time to financially recover.

Data from the Pew Research Center states that the divorce rate for adults in the United States who are at least 50 years old is about two times was it was in the 1990s. This is while the divorce rates for the rest of the age demographics have declined. Individuals who get divorced after 50 may find it difficult to recover financially because it is highly likely that they have already reached their highest earning potential. Good employment opportunities may also be scarce, and most of their assets are typically fixed.

Dividing up marital assets during a divorce

When a Nevada couple decides to get a divorce, they will have to reach an agreement regarding how they will divide up their marital assets. During this process, it is easy to make financial missteps when both individuals have emotional connections to some of those assets, such as the family home. However, making financial decisions purely based on emotions can have a major impact on both ex-spouses in the future.

Keeping the family home is often the number one goal for many individuals going through a divorce. However, it may be financially impossible to keep the home, especially if the person who wants it cannot afford the upkeep. Further, asking for the family home could mean giving up other assets that have a similar value, such as retirement funds or bank accounts.

Late nights at work can strain marital relationships

Many casino workers in Nevada are likely familiar with the challenges of maintaining a relationship while working at night. A comparison of occupations and divorce rates prepared by FlowingData confirmed that bartenders and casino workers, particularly gaming managers, experienced the highest rates of divorce compared to people in other lines of work.

Jobs that require travel, such as flight attendants and people employed in shipping and transportation, also presented challenges to married couples. People whose jobs centered on nightlife or travel had higher than average rates of divorce. Across the country, the average rate of divorce is slightly over 35 percent.

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