This post concludes and recaps my series on how Nevada’s community property laws impact the division of equity in a marital home or the splitting of retirement accounts during a Las Vegas divorce case. I felt it necessary to write on this topic as many people, for obvious reasons, are worried about how such issues will impact their financial future. The goal of my last several articles has been to provide information which will help people to better understand their financial predicament. It is also my hope that this information will assist people in making an informed decision when the time comes to select a divorce attorney. If you require assistance then contact my office today to speak with a lawyer.
I have addressed several topics over my recent articles. Issues which I have analyzed include:
- How a high stock market valuation impacts divorce proceedings
- How rising home prices impacts the division of a marital residence
- How one may retain their home or retirement assets through a divorce
These are important topics for Nevada residents to understand. First, a stock portfolio’s increased value may or may or may not be considered community property. Whether or not it is will depend on several factors. The same is true for stocks held in retirement accounts. Second, Nevada law may award half of a home’s equity to each spouse; again, this will depend on the specific facts of a case. Finally, through the concept of asset equalization, it may be possible for one to retain the full value of their residence or the full value of their retirement account by allowing their spouse to take a greater share of other assets. Such an equalization can also be obtained by the spouse, who is keeping the home or retirement portfolio, taking a larger share of any community debts.
One point I cannot stress enough is that people going through a divorce must speak with a lawyer to determine how the Clark County Family Court is likely to view their given situation. No two cases are alike and the division of property will depend on when, where, how, and why the property was acquired. As a Las Vegas divorce attorney I regularly handle such matters and my office is ready to assist you. Contact us today to schedule an initial consultation.