Law Firm of Laub & Laub

Since 1965
Our Family Helping Yours

No matter your legal concerns, we're here to provide the personal, effective legal assistance you need to succeed.

Text Joe Laub Now!

Preparing for divorce's financial challenges

Couples face many family law decisions while undergoing divorce in Nevada, such as child custody and property division. Spouses should also prepare for its daunting financial challenges.

Financial preparation includes setting aside enough funds to pay for legal and other costs associated with marriage dissolution. A divorcing individual should also set up a checking account strictly in their name and add funds to it. A credit card should also be set up because it may be more difficult to obtain credit after divorce.

Making purchases and paying the off quickly boosts a spouse's credit score. A strong credit rating is required for renting a house or condominium, refinancing a mortgage, or financing a new vehicle.

Maintaining this rating requires monitoring. As soon as divorce is imminent, a spouse should immediately request their credit report to discover debts belonging to their spouse or whether there are any unknown or overlooked accounts. It may be advisable to close joint accounts and infrequently used credit cards with zero balances. A credit monitoring service may be used to monitor whether the other spouse is borrowing money in the other's name.

Mail should also be monitored to learn about bank statements, credit card bills, and investment account statements. Knowing this information can assist a divorcing individual with negotiating a settlement.

Financial documents must be kept organized for review by lawyers and financial experts before negotiating a fair divorce settlement. Important documents include tax returns going back three years, one year of bank statements, credit card and brokerage account statements, titles to vehicles, and insurance documents.

New debt, especially with the other spouse, should not be incurred to pay off other debt. While undergoing marital problems, a spouse should not refinance mortgages or seek a Home Equity Line to pay off credit cards, loans or business debt. Lowering equity in a house may end up paying for debt accumulated by the other spouse.

For financial matters, a certified public accountant or divorce financial planner can help provide options on settling or litigating a fair decree. A lawyer can also protect legal rights for those going through the marriage dissolution process.

Source: Business in Savannah, "Hubbard: Avoid common mistakes before divorce," By Sam Hubbard, May 19, 2017

No Comments

Leave a comment
Comment Information
Email Us For A Response

Questions? We Have Answers.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Contact Our Offices

Call Us Today at 775-391-4153 | Text Joe Laub at 775-230-4111