Due to COVID-19, we ask that all visitors to our office wear face masks and socially distance themselves, including during consultations. We are also available via video chat, phone, or email.

The Trusted Law Firm of Northern Nevada

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.