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The possible solution to some divorce pitfalls

Going through a divorce can be upsetting and can be the cause of financial and emotional ruin. In Nevada, as in other states, it can be particularly demanding for the spouse earning the lower income — more often than not the woman. Fortunately, there are ways to curtail the negative effects a divorce can have on one’s bank account.

The first drawback is the cost of going to trial. There are other options, as going to trial will typically involve costs in excess of a hundred thousand dollars. When the case involves matters like abuse and extreme personality conflicts, litigation is unavoidable, but more often one of the following options will suffice. Both spouses can specify that they want to avoid litigation and opt for collaborative divorce. With assistance and support, the couple can plot a course of negotiations to resolve all problem areas — like visitation, alimony, property division and child support.

The second, and probably the biggest drawback, is the emotional one, as it is crucial to make rational rather than emotional decisions. One option is mediation. This method requires you to hire an impartial mediator. This is usually the least costly option, and the expense involved will probably not exceed a couple thousand dollars. Be sure to choose the mediator wisely, though — interview a few people before making your choice.

The third drawback is different tax implications, and therefore it is important to get clear guidelines from your collaborative divorce support team. An example of this is retirement investments, which will be affected by taxes when they are transferred. To avoid the fourth drawback, you need to have all of your shared financial information available. This is essential information when it comes to making financial decisions about your needs, and to be able to recognize or make fair offers. Fortunately, the state of Nevada offers divorce options that will not ruin you financially.

Source: CNBC, Avoid divorce settlement blunders, Elizabeth MacBride, Nov. 3, 2013

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