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How to stay fiscally responsible during a divorce

Trying to make ends meet after a divorce can be challenging for Nevada residents. By being proactive, however, it's easier to live on a single income or account for potential child or spousal support costs. One of the first steps a person should take when considering a divorce is talking with a lawyer. This could be beneficial even for those who may not need an legal counsel to craft a divorce settlement.

It might be a good idea to keep an eye on joint accounts to ensure that a spouse doesn't remove money without the other's knowledge. It is not uncommon for spouses to put money into an individual account to make the funds harder to divide in a divorce settlement. An individual going through the divorce process may want to look into closing joint accounts or removing a spouse as an authorized user of a credit card.

Once that has been taken care of, it may be a good idea for individuals to open accounts in their name only. It is also a good idea to review credit reports to see if any unauthorized activity has taken place. As part of the divorce process, a person may benefit from inventorying joint assets and documenting their existence. This could make it easier to get a favorable or equitable settlement.

Because divorces can be turbulent, separation decisions may be based on emotions as opposed to logic. Therefore, it might be best to negotiate the terms of a divorce before the marriage becomes official. A prenuptial agreement can determine who gets spousal assistance or how assets will be divided. An attorney could review such an agreement or others to determine their validity.

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