Divorce Property Division Pie Chart

Nevada is a community property state.  NRS 123.220 provides that all property acquired after marriage, by either spouse or both spouses, is community property unless there is an agreement between the spouses stating otherwise (prenuptial or postnuptial agreements, trusts) or if a Decree of Separate Maintenance (legal separation) has been entered by the Court.  A legal separation occurs prior or in lieu of a divorce, and terminates the accumulation of any community property and/or debts.

Under most circumstances, upon divorce, the Court will equally divide any and all assets acquired during the parties’ marriage.  However, certain circumstances may result in an unequal division of community assets (or debts).  If a party has committed waste (unnecessary spending that does not benefit the community – monies spent on gambling, drugs, or paramour(s) for example), may result in one party being awarded more assets (or debts) than the other.  Nevada is considered a “no fault state.”  As such, unlike certain other states, infidelity is not a factor for the Court to consider when determining the division of assets and debts.

NRS 123.130 defines separate property and provides that all property of a spouse owned prior to marriage, or acquired after marriage by gift, bequest, or personal injury award, are the separate property of that spouse.  However, there are ways that the separate property of a spouse may become community property.  If the party receiving such separate property illustrates an intent to transmute the asset(s) from separate property to community property and/or there is an agreement (typically a trust) between the parties to recharacterize the asset(s), such property (real or personal) may become community property.

Typically, assets to be divided upon divorce include real property or personal property.  Real property encompasses homes or commercial property.  Real property includes, but not limited to, bank accounts, retirement accounts, vehicles, furniture, clothing, jewelry and appliances.

Dividing assets can be more complicated than just determining the total value of assets and awarding an equal portion to each spouse. At Leavitt & Flaxman, LLC, we have the knowledge and experience to ensure your financial interests are protected, particularly as it relates to high net worth clientele or complicated financial situations that may include several trusts, accounts and/or businesses.

Common Exceptions to 50/50 Asset Division

Whenever it is possible, we attempt to achieve a favorable outcome for our clients through negotiation or mediation. Both of the parties to the case must be willing to compromise and settle issues though. If one or both of the parties are unwilling to compromise, and a hearing or trial is necessary, we have the advanced legal and courtroom skills to fully adjudicate the rights of our clients.

Divorce - Asset Division - Las Vegas & Henderson NV
  • Prenuptial Agreements

    A well crafted prenuptial agreement that was executed properly can change the division of assets as it was part of the agreement in the formation of the community state.

  • Divided Assets

    Assets that are solely owned by one party and that asset has remained divided while in the marital union.

  • Unusual Expenses

    When it can be proven one party was purposely running up expenses due to the upcoming divorce proceedings

Tangible VS. Intangible Assets

Tangible assets like bank accounts, houses, cars are generally much easier to place a value on. 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 determining the value of the asset.

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 possible neither get it or get it in the manner they were hoping for.

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, then taking the time to really look at the books and see what the entities are worth is critically important.  For a couple who has 3 businesses, 8 properties, IRA’s, Stocks, Savings, and other assets, it becomes a higher stakes situation. The problem most couples face is they want to get their face share, but grinding through all the details and finding a win/win for both parties can be enormously challenging.  We always work from the standpoint of find common ground first, and then fight for clients (including going to trial when necessary), to ensure we are getting you the best outcome possible.

 

We Are Experienced in High Net Worth Divorce Cases

  • Analyzing financial documents and the common loopholes people use to shelter profits
  • Execution of existing prenuptial agreements or analysis of existing agreements legality
  • Enforced liquidation of assets when required

Learn More About High Net Worth Divorce

Schedule an Attorney Consultation Today

If you are looking to find trusted divorce attorneys in the Las Vegas Valley who has handled hundreds of complicated divorce cases, we are here for you.  We know this time is difficult and we want you to know we are ready to fight for you to ensure the future you deserve.

Contact us by phone or email to arrange for your confidential divorce and asset protection 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.

Las Vegas Divorce Attorney - Leavitt and Flaxman

(702) 213-9651

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