Board Certified Las Vegas Family Lawyer
Division of Assets and Debts
Whether you own one home, or a multitude of complex assets, the division of assets and debts in your divorce case will have a lasting impact on your lifestyle post-divorce. Regardless of the circumstances which caused the divorce proceedings, you deserve your fair share of the marital assets, and any assets that you owned separately prior to marriage.
There is a common misconception that all assets and debts in a divorce case are divided equally at the time of divorce. This is only partially true. Nevada law contains statutes that allow a family court judge to base the division of assets and debts on what is fair and just, if the judge recognizes "compelling circumstances". This vague description leaves a wide range of options available in dividing assets and debts.
There are also situations where the assets were gained, and may possibly still be located, in other jurisdictions. In these instances, the division of assets and debts can be predicated on the laws in the jurisdiction where the assets were gained or are located.
Nevada is a community property state. This means that any assets accumulated during the marriage are generally deemed to belong to both spouses as "the community".
Just because your name is not on the title of an asset, does not by itself, mean that you have no financial rights to a community portion. One example of this is when a residence is titled in only one spouse's name.
A prenuptial agreement that is properly drafted and implemented can take precedence over community property law. Learn more about prenuptial agreements
Tangible and Intangible Assets
Tangible assets are physical assets such as cash in banks, homes, vehicles, boats, businesses, investments, real estate investment properties, stocks, trusts, bonds, pensions, 401Ks, IRAs, etc.
Intangible assets are not physical in nature. These asset types can include stock options, the goodwill of a business, patents, copyrights, the value of the celebrity status of a spouse's name, etc.
Assets and Debts Prior to Marriage
Increasingly, individuals are entering into marriage with substantial assets that have been accumulated prior to the date of marriage. The two main reasons for this are:
- The general populous is marrying for the first time later in life, and have had profitable careers already.
- Second marriages, and beyond, are common.
Assets owned solely by one spouse prior to the date of marriage are considered on an individual basis in each divorce case. In general, assets owned prior to marriage that have been kept "sole and separate" during the marriage, have a greater probability of being deemed the sole property of one spouse at the time of divorce. Those assets that have appreciated during the course of the marriage, or have been "commingled", have a greater probability of containing a community property portion.
Las Vegas divorce attorneys, Jennifer V. Abrams
, Vincent Mayo
and Brandon Leavitt
are experienced in compiling a complete schedule of all assets that you are entitled to. They also specialize in determining the condition of an asset owned prior to marriage, and how it should be treated in your divorce proceedings.
"Attorney Vincent Mayo of Abrams Law handled my divorce in 2011. He made everything so easy for me. He communicated with me on a regular basis, provided me copies of all documentation, was compassionate, understanding and processed all documentation quickly and accurately. I could not have asked for a better experience."
- Gary J.