Las Vegas Substantial Assets Lawyer
If you have marital assets, they will be divided in your divorce. Nearly every marriage has marital assets, even if they are merely a small saving account or a vehicle. For couples with substantial assets, such as varied investment portfolios and multiple real estate properties, dividing the assets in a divorce can be complicated.
In Nevada, all marital assets belong equally to both partners. Marital assets are defined as any asset obtained or developed during a marriage. Assets that do not fit this criteria are singly-held assets. Even assets that are initially singly-held assets can become marital property if their values increase during a marriage. For example, a home that an individual owned prior to being married that undergoes renovations during the individual’s marriage may become marital property.
What are Substantial Assets?
Generally, individuals who have substantial assets, sometimes known as high net worth individuals, have many or all of the following:
- Interest in a business or professional practice;
- Real estate. This can be one home or multiple properties. It can include commercial properties and undeveloped land;
- A varied investment portfolio;
- One or more retirement accounts containing large sums; and
- Personal items with high values, such as vehicles, boats, art, recreational items, and jewelry.
Dividing your Property with a Las Vegas Substantial Assets Attorney
If you are a high net worth individual, work with an attorney who has specific experience working with high net worth couples. Lawyers without this experience might not be able to identify the specific challenges that come with dividing substantial assets or adeptly determine your assets’ value and divide them fairly under Nevada’s law.
Another issue to consider if you have substantial assets is that your spouse might attempt to hide assets in order to keep them from you during the divorce. If you suspect your spouse is doing this, which can be done through a variety of methods like transferring property into a close friend’s name, delaying a bonus or promotion, and making large cash purchases, discuss your suspicion with your lawyer. You might need to work with a forensic accountant to find and value all of the assets to which you have a right.
Finally, the tax obligations of each asset must be considered when dividing a large marital estate. The property taxes on your home and other pieces of real estate and the capital gains taxes on your investments can be substantial, potentially burdening you with an unfair tax liability.
Work with an Experienced Las Vegas Substantial Assets Lawyers
In any divorce, the couple’s assets must be divided. Any asset obtained or developed during the marriage, unless it is specifically protected by a prenuptial agreement or it was obtained through inheritance or as a gift, must be divided equally according to Nevada’s community property law. To learn more about dividing assets in a divorce, speak with one of the experienced divorce attorneys on our team at Kainen Law Group. Contact our office today to schedule your initial consultation with us.