Divorce is a complicated process even before you get around to dividing your assets, and the last thing you want while navigating an emotional transition is to get into a drawn-out fight over what is fair. No matter the size of your estate, your divorce attorney in Reno, NV will help you navigate the complexities of asset division so you can focus on preparing for the next stage of your life.
Dividing Community Property
Nevada is a community property state, meaning that all assets and debt acquired from the moment of marriage are considered owned by both you and your spouse. Upon divorce, community property is split 50/50 regardless of whether it was acquired jointly or under one spouse’s name. Community property could include your income and retirement funds, joint bank accounts and credit cards, loans, real estate, and more.
You may end up selling community property like cars and houses and splitting the profits under your divorce agreement. Depending on your situation, you could also divide your real property: A spouse with full custody may be awarded the marital home, for instance, while the other spouse is awarded remaining assets equal in value.
Determining Asset Value
Your attorney can work with you to determine the value of your community assets and debt to ensure equitable division between you and your spouse. Something like a joint savings account may require only a simple calculation to divide, but assets like vehicles and real estate properties are more complex.
Protecting Separate Property
You may also have separate property to consider when looking at your assets. Nevada considers separate property to be anything you owned before your marriage or after your legal separation, and it remains yours upon divorce. Separate property might include inheritances, gifts, and settlements received by one spouse; property purchased through a separate account; or assets set aside via written agreement (such as a valid prenuptial or postnuptial agreement).
One spouse’s separate property may be deemed community property if it commingled with community assets during the marriage; for example, if you used your separate pre-marriage bank account to pay household bills. In this case, the asset would be divided 50/50 along with the rest of your community property.
Identifying Hidden Assets
You may suspect that your spouse isn’t being straightforward about their assets. If this is the case, your attorney can help you identify potential legal options for tracking down hidden assets and dividing them equitably.
Speak With a Family Law Attorney in Reno, NV
Even in a community property state like Nevada, dividing assets can be tricky. Dedicated family law attorneys understand the importance of handling asset division with compassion and care, regardless of how complex your case may be. Even if your community property division will be relatively simple, your attorney can make sure that all of your legal bases are covered.
Getting divorced is difficult enough without having to stress about safeguarding your financial wellbeing. Whether your separation is amicable you’re worried about a contentious process, having an experienced attorney in your corner will help ensure the process goes as smoothly as possible. If you’re going through a divorce, reach out to Barber Law Group in Reno, NV for a free consultation.
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