If you are going through a divorce you will need an experienced divorce attorney in Las Vegas to make sure each spouse receives fair division of property. There are two categories of property, separate or community. These categories can help determine who gets what during when there is conflict. So what determines whether property is considered separate or community?
The name on the deed or financial account is not a deciding factor when it comes to determining ownership. For instance, retirement benefits, 401(k) plans, IRAs, stock options, mutual funds and other types of accounts that were acquired during the marriage are community property regardless of name. The courts determined that the labor of one spouse during the marriage is considered to be on behalf of both, which is the reason a name on the deed does not determine property.
If separate property, like an inheritance, is put into community property account, like a combined bank account, the courts may determine this as community property. The same goes for other instances where separate property later becomes affiliated with community property.
If the divorcing spouses owned a business together, the business will be split equally. If the business was owned by one spouse prior to the marriage than the profits or debts after the marriage will be split. This can become complicated and will need the experience of a Las Vegas divorce attorney to help navigate.
If you are going through a divorce and the division of property process, having a qualified Las Vegas divorce attorney is essential. Please contact the Miley Law office Las Vegas for a free consultation at 702-942-0600.