Practical preparation for the division of assets and debts


According to a new study, many divorce filings take place in August when summer vacations do not live up to expectations. While some in Nevada may be shocked when their spouses file for divorce, others admit they saw signs long before the papers were served. A person who suspects the end may be coming may have time to do some important preparation before the division of assets and debts are decided.

Credit counselors encourage people to do a careful study of their credit reports. It is important for everyone to know where they stand in the eyes of creditors, but in a divorce, joint debts will be divided. Having a clear understanding of one's responsibilities may make it easier to plan one's financial future. Additionally, it is not unusual for one spouse to open accounts in the partner's name without the partner's knowledge. A person anticipating a divorce may wish to see about removing himself or herself from those accounts.

The months leading up to a divorce may not be the time to open new lines of credit. Until the settlement is agreed upon and the division of assets and debts is finalized, one may not have a full picture of his or her financial situation. Acquiring new debt may be too much for one's new budget. Consequently, defaulting on that debt could also impact the credit of one's partner. This could add even more tension to an already stressful relationship.

For some, adjusting to a new budget takes time, but many in Nevada discover it is one step toward a new, independent life. In the midst of making these personal and financial preparations, the advice of an attorney is also something many rely on. An experienced family law attorney can provide resources and guidance for those who are faced with the division of assets and debts, as well as other concerns that accompany the divorce process.

Source:, "Divorcing? How to avoid destroying your finances", Jill Krasny, Aug. 30, 2016

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