It can be emotionally difficult to divide family property after a divorce, which is why it is important to have a qualified Las Vegas divorce attorney by your side through the process. Assets should not necessarily be divided based on the dollar value. There may be long term taxes or fees associated with specific items, which need to be considered when dividing property.
Property can be labeled as separate or marital shared property. Separate property includes anything that was owned by either spouse prior to marriage, an inheritance, or a gift. However there are some caveats to what is defined as separate property so it is best to discuss specific details with your divorce attorney in Las Vegas.
For instance if you co-mingle separate property into a shared account like a bank account or trust, that separate property then becomes marital property.
All other property that is purchased by one spouse during the time of marriage is still considered marital property despite ownership or who is on the title. This causes the most confusion when dividing property. Even a 401k plan that is in one spouse’s name is considered shared property if they acquired it during the time they were married. If you are unsure whether your property is considered marital property, it is best to discuss the specific situation with your Las Vegas divorce attorney.
If you are seeking legal aid in dividing your assets, Ed Miley is a skilled and experienced divorce attorney in Las Vegas that will keep your best interests in mind. Call Miley Law at 702-942-0600 or send us a message through our contact page for a consultation.