How To Divide Significant Assets During Divorce
While it may sound classist, it is the truth that high-asset divorces are generally much more complex and time-consuming than divorces where the parties have few assets to their names. If you have a lot of assets, it can seem difficult to know how best to divide them without being bogged down in minutiae. An attorney can be of great help.
Nevada is a community property state, meaning that the courts will generally divide all the property acquired during the marriage, or acquired with funds earned during the marriage, equally between the spouses. This includes assets like real estate (the family home), automobiles, antiques, stocks, as well as businesses and personal practices like doctors’, dentists’ or accountants’. In order to ensure these assets are appropriately divided, they must be properly evaluated by experts.
Asset Evaluation is most commonly done with businesses and professional practices, but in theory anything can be appraised. Of all asset evaluations, business valuation is often the most complex, partially because of the concept of goodwill. Goodwill is an “asset” that comprises the intangibles that add value to a business, such as customer loyalty and brand name recognition. It is important to understand that both business and personal goodwill exists – that is, the goodwill earned by the business versus that earned by the owner or a particular employee.
Negotiation Is Key
Keep in mind that in Nevada, it is possible that you and your spouse can work out a plan to divide the community property and have it accepted by the court (some other states require that the court be the agent of division). Mediation or other forms of alternative dispute resolution are commonly used by divorcing couples so that they can have these issues worked out before they ever get to court. However, if you are unsuccessful in doing this, the court will step in, and sometimes the eventual division may not be to your liking. It is definitely an incentive to work hard to iron out an agreement on your own rather than to have the court do it.
Contact An Asset Division Attorney
In any divorce, but especially in high net worth divorces, arguing over certain assets can delay and disrupt proceedings. Having an attorney on your side who is well versed in these types of issues can be a help in moving the process along. The Kainen Law Group has handled many high net worth divorces, and knows how to respond to delaying tactics and disputes. Contact our Las Vegas offices today at 702-823-4900 to schedule an appointment.