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How to make financial preparations for a divorce

Nevada couples who are ending their marriage might be worried about how it will affect them financially. By taking stock of finances before the divorce is underway, people can begin to understand how property might be divided and what a budget might look like when they become single. Tracking household expenses and gathering documentation, such as bank statements and tax returns, may help in this review of finances. Gathering documents might also help in the event that the other spouse is reluctant to share financial information later in the process.

In many cases, people will get advice from others, and while their intentions may be good, the advice can also be misleading. Some people might base it on their experiences in different situations. More reliable counsel may be available from legal and financial professionals.

People should not significantly change their spending nor should they make changes to wills, beneficiary designations or similar legal documents without legal guidance or until the divorce has been finalized. People should also avoid making any major financial decisions. Couples who share an account and whose relationship is still relatively amicable might be able to make an agreement about how they will use the money to pay for the divorce.

Nevada is a community property state, and most assets will be considered shared marital property if acquired after the marriage. However, this does not mean they will necessarily all be split 50/50 by a court. In a high-asset divorce, the division of property might be particularly complex, and thus the couple might want to have their respective attorneys take the lead in negotiating a settlement rather than having the judge make the decision.

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