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Divorce Attorneys Las Vegas

Contested Divorce Attorney Las Vegas

Dividing Marital Assets and Debts Doesn't Always Mean 50/50

Regardless of your current financial situation, the division of assets and debts is likely to affect your lifestyle long after your divorce has concluded. The conditions that led to the divorce proceedings are immaterial. You are entitled to your community share of any marital assets as well as any assets you separately acquired before the marriage began.

It's wrongly believed that all assets and debts from each spouse are added together and then divided equally in a contested Las Vegas divorce case. This is true for some, but not all, assets and debts. Nevada law gives the Clark County Family Court judges the ability to adjust the division of assets and debts based on what is deemed "fair and just." This loosely defined concept gives the judge a variety of options when considering the division of assets and debts. Division of assets that were obtained, and possibly still remain, in other locations may be governed by the laws of that jurisdiction.

Contested Divorce Attorney Las Vegas
Assembling a complete list of all the assets you are entitled to is a critical activity and should only be done by an experienced contested divorce attorney in Las Vegas.

Las Vegas divorce lawyers Jennifer V. Abrams and Vincent Mayo have the specialized experience required to compile a complete list of all assets, determine the value of any assets prior to marriage, and define the approach that should be used for each asset in your divorce proceedings.

Nevada is a Community Property State

In Nevada, assets and debts gathered by either spouse during the marriage are believed to be the property of both spouses. Both spouses together are known as "the community". Nevada is a community property state. You may be entitled to a community portion of the financial rights of an asset even if your name does not appear on the title. For example, you may be entitled to a community portion of your residence, even if your spouse's name is the only name that appears on the title. Prenuptial agreements that have been correctly drafted and implemented may supersede community property law in Nevada. Learn more about prenuptial agreements.

Two General Classes of Assets

There are two general classes of assets to be considered by your contested divorce attorney in Las Vegas: Tangible and Intangible. Tangible assets are those assets that can be physically touched including vehicles, boats, houses, cash, stocks, trusts, 401Ks, IRAs, etc. Intangible assets are assets that cannot be touched. Assets of this nature include the goodwill of a business, value of a celebrity name, copyrights, intellectual property, etc.

Financial Issues Before You Were Married

It is not uncommon for one or both spouses to have acquired assets before entering a marriage. This trend is primarily being driven by individuals who are choosing to marry later in life after having established and lucrative careers. Second marriages, and beyond, also often include spouses with substantial assets gained before the marriage began.

Assets that were exclusively owned by one spouse before the marriage began are dealt with on a case by case basis. Generally, assets owned by one spouse when the marriage began and kept "sole and separate" for the duration of the marriage are more likely to be judged as the sole property of that spouse. Assets that have been "commingled" or realized significant appreciation during the marriage are more likely to contain a community property portion.

"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.

Divorce Lawyers Las Vegas
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The Abrams Law Firm LLC
6252 South Rainbow Boulevard #100
Las Vegas, NV 89118
Phone: (702) 222-4021
Las Vegas Divorce Attorneys Board Certified by The State Bar of Nevada. Experienced Divorce lawyers in Las Vegas provide answers to Frequently Asked Questions.
Author: The Abrams Law Firm LLC
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