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Financial repercussions of divorce can continue after settlement

Financial issues can be some of the most challenging aspects of a divorce for Nevada couples. In addition, they can have significant long-term consequences that last far beyond the emotional and immediate practical concerns that arise. Even after the process has been concluded, there are still a number of financial tasks that can help to ensure a successful post-divorce financial future.

The divorce agreement itself will lay out the most important aspects of the financial split, but it will still require work to put the agreement into practice. When dividing a retirement account, it may be necessary to obtain a Qualified Domestic Relations Order from the court in order to avoid taxes and penalties. Dealing with the marital home can be another challenge, as the parties may need to work together with a real estate agent in order to market it successfully and divide the proceeds.

Other issues not addressed in the divorce agreement can also be a high priority. These can range from simple tasks like changing emergency contact information at work or the bank away from a former spouse to more urgent priorities like altering the beneficiary information on life insurance policies and retirement and investment accounts. In addition, estate planning will generally need an update after a divorce in order to remove a former spouse as an heir.

The divorce process does not come to an end as soon as a settlement agreement is reached. Accordingly, it can be important to work together with a family law attorney and financial professionals in order to complete all of the financial housekeeping tasks.

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