Nevada residents who are getting divorced may worry that they will be left financially devastated in the process. When two divorcing spouses don't communicate well, they could end up involved in bitter disputes over financial assets. To avoid going broke in a divorce, it's important for people to have a clear picture of the marital estate.
People who do not understand the assets and debts that they own will be at a disadvantage in divorce negotiations and court hearings. A divorcing spouse may want to gather copies of income tax returns, bank statements and credit card statements so that they have a better understanding of the value of the marital assets. It may also be a good idea to look over these important financial records with an accountant or financial planner.
One of the mistakes that many people make in divorce negotiations is thinking with their heart instead of their head. Although people may want to retain as much property as they can after a divorce, fighting over every asset is not always the best strategy. Owning some assets, such as real estate, may have tax consequences that make ownership unaffordable for a single person. Divorcing spouses should consider what they will need as a single person and what the tax consequences of various proposed settlement agreements will be.
When parents get divorced, one of the most important financial agreements that they often have to make is about child support. If the parent who was awarded physical custody has a much smaller income than the noncustodial parent, the noncustodial parent may be ordered to make child support payments. An attorney can provide advice to a parent on these and other applicable matters.