How to Save Time (and Money) When Preparing for Divorce [infographic]
Taking certain steps may help people save time and conserve funds as they get ready to divorce. According to the American Psychological Association, approximately 40 to 50% of U.S. marriages end in divorce. Making the difficult decision to split only starts the ball rolling, however. Couples must settle a range of matters when separating their finances and lives, which may be time-consuming and costly.
Understanding the Accepted Standards of Value in Divorce Cases
Investment value, fair market value, and fair value are the commonly accepted standards of value in divorce cases. Divorce can become more complicated when a business is involved. A standard of value is a set of conditions under which a closely held business will be valued.
Is It Time to Have the Break-Up Conversation with Your Spouse?
A conversation about breaking-up will be remembered forever. It is one of the most difficult discussions spouses can have. Organizing one’s thoughts and preparing emotionally are crucial steps that will set the tone for the divorce. If leaving an abusive relationship, a safety plan should be in order before the abuser is aware of the situation.
Prenuptial agreements, buy-sell/buyout agreements, and trusts can protect a business in the midst of a divorce. Prenuptial agreements are made between prospective spouses in contemplation of marriage and are effective upon marriage. Discussing a prenup during wedding planning can offer a positive sense of security. Buyout agreements are made between co-owners of a business and dictate decisions should one owner be forced to leave, choose to leave, or upon death. Trusts allow parents to give business-related assets to the child(ren) without fear that the child(ren) will lose those assets later.
Your Guide to Business Valuations in Nevada Divorce Cases
During a divorce, assets must be divided equitably between the two spouses, and marital businesses are no exception. To be divided fairly, a business’s value must be assessed and an investigation must take place to determine how much of the business qualifies as community property. A business can be evaluated in different ways, but the most common methods for conducting business valuations are the book value method and the market/earnings method.
Divorce can bring about changes in a child’s life that affect his or her emotional wellbeing. The stress of this new family dynamic can be offset with age-appropriate open communication, well-maintained familial relationships, structured visitation schedules, and preservation of familiar daily routines. Cooperative parenting will help to ease a child’s experiences during the transition process. For parents struggling to negotiate custody arrangements, mediation and court-ordered agreements can help provide guidelines.
Child custody agreements in Nevada address legal custody, physical custody, and visitation schedules. Typically, joint custody is favored when possible, unless it is not determined to be in the best interests of the child. When separated parents are on amicable terms, parenting agreements are generally constructed by the parents with assistance from a mediator when necessary. If there is a dispute that cannot be resolved outside of court, a Nevada judge will make a custody decision in the best interest of the child.
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