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Family and Divorce Law

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How to manage your finances after a divorce

Nevada has one of the highest divorce rates in the United States. According to data collected in 2018, if you live in Yerington, Carlin or Fallon, then you may have an increased risk of divorcing, as those cities have the highest rates in the state. 

Going through the divorce process is tumultuous, and you may think you are in the clear once the dust has settled. However, you still have work to do. Once you are officially no longer married to someone, there are some financial matters to attend to. Taking care of these as soon as possible helps tremendously in the long run. 

Remove your spouse from all your bank accounts

While married, you may have had bank accounts under both your names. After your divorce, you want to make sure your bank accounts are under your name only. Otherwise, your ex still has access to your money, money that will be hard to recover if your spouse spends it. The same principle holds true for any shared retirement accounts. 

Talk to your tax accountant

After your divorce, you need to file taxes as a single person. This applies to the entire year. Therefore, if your divorce finalizes on December 31st, 2019, then you will file taxes for the whole year as a single person. This is why many people prefer to wait until January to file for divorce because they still get one more year to take advantage of tax incentives. Before the divorce finalizes, speak to your accountant to see how the divorce impacts you financially. 

Update your power of attorney

Most people give their spouses power of attorney. That way, if anything happens to you, your spouse can make decisions on your behalf. Once your spouse is an ex, you may not want her or him to have that power. You need to update all legal forms.

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With so many factors to consider, we understand that you have questions about the challenges ahead and the options available. We are here to answer any questions you may have about divorce and other family law matters. We have been representing clients throughout the greater Las Vegas area for over two decades, our Henderson family law attorneys are ready to provide you with the open and honest family law counsel you need to move forward with your life. Contact us today to find out more.

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