According to John E. Cereso, Managing Partner Nevada Law Group, "When a couple go through the trauma and upheaval of a
divorce, there is still much pain and heated debate surrounding the division of
assets to be sorted, and Las Vegas divorce proceedings have all the potential
to be problematic." To get the asset division just right and one where all
parties can agree upon the final resolution requires extensive knowledge of LasVegas divorce law as well as skill in evaluating any securities, business
assets and outstanding pensions.
More often that not during a Las Vegas divorce proceeding,
one party may try to conceal assets so an investigation by a Las Vegas divorce
lawyer or private detective can often become necessary. One of the main areas
of one party's assets lies in property. In the case of community property, for
example, any community property acquired through the term of the marriage from
either spouse must be split 50/50. This is regardless of which spouse earned
the money to pay for the property and who the breadwinner was during the
marriage.
But what about property that was owned solely by one partner
where a home may have been offered as gift from the other spouse, or even a
family member. This is classed as separate property unless it has been converted
to community property. You should
consult with a Las Vegas divorce lawyer in order to find out what your
community property rights are.
What about the pension funds accrued during the term of the
marriage where one spouse works and pays into a pension? In this instance any
pension funds accrued while in marriage becomes subject to community property,
meaning this must be shared equally between the two.
Liquid assets must also be considered because if one spouse
gains full control of the family home, the other spouse must allow for enough
money to pay for taxes accrued on the property and other funds and expenses,
such as an HOA fee, renting a new home or apartment and having enough money to
resettle.
Community property can also include debt that may have accumulated through the term of the marriage. If one spouse has accumulated credit card debt or loan debt then the money owed is considered to be community property and both parties must pay the sum off.
If you are contemplating divorce in Las Vegas Nevada Law Group offers free consultation to discuss all your questions. Give us a call to talk to an attorney John E. Cereso, Managing Partner today.
Resources for your Divorce:
Family Court
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