Frequently, when couples in Nevada have difficulties in their marriages, they decide to separate for a period of time while they consider if they want to stay together or end the marriage. During that time of separation, it may be wise for couples to take some precautionary steps with their finances. Addressing these issues during a separation may save some stress if the two decide to divorce and face the frustration of property division.
Obviously, the separate financial plans of a childless couple will be different from those of a couple with children. Regardless of the situation, both may require the two to acknowledge that changes must be made in their lifestyles. A separation may require the establishment of a second household and the division of bills and household expenses. Because of this, the couple may need to agree to live more frugally.
One goal of the separation may be to move toward financial independence. This can begin when one establishes his or her own bank account, closes any mutual credit accounts and works at paying off as much debt as possible. In most states, the courts consider that all debt incurred during a marriage is mutual property to be divided during a divorce. Equally, the matter of the family home must be settled, and a separation may be the right time to make that decision.
Even if the couple ultimately reunites, finding ways to manage one's money independently can be helpful for moving forward. However, the separation of finances will give each spouse a head start if they decide to proceed with a divorce. If tension between the two makes it difficult to have these conversations, a family law attorney may be contacted for help and counsel. Additionally, a person's attorney can advise him or her about the particular laws of property division for the state of Nevada.
Source: wisebread.com, "How to Manage Your Money During a Spousal Separation", Ashley Eneriz, Nov. 11, 2016