Nevada is a community property state. This means that both spouses have an equal right to the property and assets acquired during the marriage. The state requires that assets be distributed equally during a divorce unless both parties agree to a different settlement. Working with an experienced asset division attorney in Henderson is essential when contemplating divorce.
Many factors influence property division during divorce. Defining “equal” property is not a simple process. Estimating one object’s value against another is not a cut-and-dry process. You may have to argue with the court why you should have more than what they believe to be equal.
It’s essential to have an attorney’s assistance when dividing property and assets. Depending on your situation, an equal distribution of assets may not be the best arrangement. Challenging an equal asset split is something that an experienced divorce attorney may recommend.
Tangible Vs. Intangible Asset Division
Establishing a value for tangible assets like bank accounts, houses, and cars is generally much easier. Of course, there can be a give and take in this process. Maybe one party has a stronger desire for the family home, and the other party has a stronger desire to maintain the business. This is where it is important to ensure you are getting a fair value in your negotiations.
Intangible assets also need to be considered. For example, maybe you’ve spent years working on a business together, and there are assets like trademarks or copyrights which have a value, but it can be complex to determine the asset’s value.
Whether you have tangible or intangible assets to divide during your Las Vegas divorce, we work with you to help you realize the priorities you have for yourself. We don’t tell you what you should want; we help you get what you are after as peaceably and efficiently as possible. Of course, there are cases where both parties want an indivisible asset, and in those cases, it is not feasible for both parties to win.
Common Exceptions to 50/50 Asset Division
We first attempt to achieve a favorable outcome for our clients through negotiation or mediation. Both parties must be willing to compromise and settle issues, though. If one or both parties are unwilling to compromise, and a hearing or trial is necessary, we have the advanced legal and courtroom skills to adjudicate our clients’ rights fully.
There are several standard exceptions to the 50/50 asset division rule to be aware of:
Prenuptial Agreements: A well-crafted prenuptial agreement properly executed can change the division of assets as it was part of the agreement in forming the community state.
Divided Assets: Assets solely owned by one party, and that asset has remained divided while in the marriage.
Unusual Expenses: When it can be proven one party was purposely running up expenses due to the upcoming divorce proceedings.
High Net Worth Divorce Cases
In most Las Vegas divorce cases, high net worth cases require much more due diligence. Where there are business interests and real estate holdings, taking the time to analyze the books and see what the entities are worth is critically important. It becomes a higher-stakes situation for a couple with multiple properties, businesses, IRAs, stocks, savings, and other assets. Most couples want their fair share, but grinding through all the details and finding a win/win for both parties can be enormously challenging. It’s essential to work with an asset division attorney in Henderson or Las Vegas when dealing with complicated financial holdings. We always work from the standpoint of finding common ground first and then fighting for clients (including going to trial when necessary) to ensure you receive the best outcome possible. The attorneys at Leavitt Family Law Group can assist with various family law issues, including high net worth divorce, alimony, and prenuptial agreements.
Asset Division in Henderson
Our attorneys help high-net-worth individuals with asset divisions. We have the knowledge and experience to:
- Analyze financial documents and find the common loopholes people use to shelter profits
- Execute existing prenuptial agreements or analyze the existing agreement’s legality
- Enforce liquidation of assets when required
Schedule a Las Vegas Asset Division Consultation
Contact us by phone or email to arrange for your confidential family law consultation with one of our attorneys. We promise to listen to you closely, answer your questions and advise you of your complete range of legal options.