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Being armed with information may help Nevada divorce seekers

Any kind of life change can be intimidating, especially if it is unexpected or unwanted. For those going through a divorce in Nevada, the more information they have about the process and the laws pertaining to assets, the smoother the process may be. Finances can be an area of great concern when it comes to divorce.

As older couples divorce more so than in the past, they may find themselves unsure of the status of shared accounts. This may be true specifically for retirement funds and accounts. Couples may have worked for decades to build a significant nest egg and be completely unaware of how that nest egg gets divided during divorce.

If the retirement account is through a pension or employer program, the paying party may need to obtain court documents to arrange for payment to the other party. Typically, these accounts and pensions are considered community property between the parties and can be split even when one party has earned the money. IRAs can be different altogether and it may be necessary for one party to remove the name of the other one, and checking with an employer is typically the best way to confirm the correct move.

There is more to division of finances than simply splitting a savings account down the middle. For Nevada residents who wish to divorce and have a significant amount of retirement savings, they may need to engage in sufficient research to properly understand the process. With up-to-date knowledge to help them be more prepared, the process can often be more quickly and easily navigated, much to the benefit of both parties.

Source: pineapplenewspaper.com, Being Prepared for Life’s Transitions: Separation and Divorce, Colleen Hasey Schuhmann, Feb. 4, 2014

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