Las Vegas Asset & Debt Division Attorney
If you are going through a divorce in Las Vegas, property division will be a part of the process. Divorce is always a stressful process, but issues surrounding the division of assets and debt can become very contentious. Property division matters can also become very complex, particularly when one or both spouses has a high net worth or significant debt liabilities. Below, our Las Vegas asset & debt division attorney outlines the law in Nevada, and the steps in the process.
How is Property Divided in Las Vegas?
Property division is an important aspect of family law in separation and divorce proceedings. It refers to the fair and equitable division of all property, including assets and debts, when a relationship ends. Marital property in Nevada is considered community property. This means that all property acquired during a marriage is subject to equal division, and each party has rights to an equitable share.
It is important to note that some property is considered separate property. Separate property includes assets one spouse acquired before the marriage, or received through a gift or inheritance. Distinguishing between separate and marital property can be complicated, which is why it is important to work with an attorney.
The Process of Property Division
The process of property division is not always straightforward. While every case is unique, there are certain steps most couples have to take. These include:
- Identifying assets and debts: Before property can be divided, all assets and debts must be identified. Property can include personal property, real estate, investments, financial accounts, and debt.
- Valuation of property: After all assets and debts have been identified, it is important to obtain accurate valuations for all property to ensure it is divided fairly.
- Negotiations: Ideally, you and your spouse can reach an agreement on your own through negotiation and without the need for court intervention. Many people are not comfortable negotiating on their own which is another reason why it is so important to work with an attorney.
- Litigation: If you and your spouse cannot agree on property division matters, you may have to take the matter to court. A judge will make the final decisions on all matters of division after considering the income and earning potential of each spouse, the financial resources of each spouse, and other relevant factors.
- Compliance and enforcement: After all assets and debts have been divided during divorce or separation, it is critical to ensure that all parties comply with the order. When one party refuses to abide by the order, the other side can take certain enforcement actions.
Our Asset and Debt Division Attorney in Las Vegas Can Help You Obtain a Fair Settlement
When ending your relationship, you need to work with a Las Vegas asset and debt division attorney who will protect your best interests. At Ghandi Deeter Blackham Law Offices, our Las Vegas asset and debt division lawyer can negotiate on your behalf to ensure you receive the full and fair settlement you justly deserve. Call or text us now at 702-878-1115 or chat with us online to request a consultation and to learn more about your legal options.