Because Nevada is a community property state, both assets and liabilities acquired during your marriage may be attributed to you and your spouse at the time of a divorce. As you contemplate or begin divorce proceedings, dealing with these interests can be complex, making it important to have reliable counsel and thorough evaluation of the areas to address during the process of deciding property division issues. A fair outcome is important to your future, and understanding subtle implications of various assets and liabilities may provide direction in negotiating a settlement.
Property division may involve much more than your home or other tangible assets, but some assets may be difficult to trace. A legal team may include investigation experts who can do the research needed to identify any hidden assets that might otherwise escape notice during a divorce. Additionally, accounting and business valuation professionals may assist in determining the value of a business that may be a marital asset. Stocks and retirement accounts can be important considerations as well, especially as some such holdings may carry more significant tax implications than others. In the case of commingled property, assets may be traced to determine which are joint and which are separate.
Your legal team may also help as you prepare to live in a financially independent manner, especially if there are significant debts or other liabilities involved. As you plan, you may need to monitor your credit reports and work to close joint accounts to ensure that your finances are protected and that further debt can't be accrued in your name.
Whether your estate is extensive or not, an experienced lawyer may be able to help you in avoiding post-divorce pitfalls by covering significant concerns in advance. To learn more about important issues to keep in mind, visit our divorce page for additional insight.
Source: Standish Naimi Law Group, Property Division, August 26, 2014