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divorce Archives

Alimony and tax deduction

For Nevada couples who get a divorce, alimony may be one of the many issues they have to address during the process. However, they should be aware of the tax implications of sending and receiving alimony. People who have to pay a spouse alimony should be particularly aware of the situations in which the alimony they pay may not be tax deductible.

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.

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.

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.

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.

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.

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.

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.

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.

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