Property division is an important but complex part of the divorce process. In Nevada, given that so much of what is acquired during a marriage may be considered “community property,” navigating how much and what you are owed can be time-consuming and costly, especially if you don’t have the assistance of a skilled attorney.
At Ford & Friedman, our Henderson divorce lawyers encourage anyone entering a high asset divorce to undergo property value assessment. Assessing property value is an important process, which can help determine whether you receive everything you are owed following your marriage. Keep reading to learn more, and contact Ford & Friedman for all your divorce-related needs.
Having Your Property Value Assessed
Before your property value can be assessed, you must first determine what is “community property,” i.e. shared property acquired during a marriage, and what is “separate property,” i.e. personal property acquired before or during a marriage.
Once you have distinguished community property from separate property, you can begin assessing the value of any assets being distributed. This will likely include monetary assets, which are easier to divide under community property statutes. However, figuring out how to divide tangible property, such as cars, homes, and other high asset purchases, may not be so easy, as you cannot simply split these physical items in half.
If each respective party fails to agree on the value of a given piece of property, you will need to have that property appraised professionally to determine its fair market value. This information is essential for the court, so they can distribute property in relation to total assets. To do this, the court may take alimony and child support payments into account to determine what the financial standing of each party will likely be moving forward.
Although the time it takes to calculate the value of all your assets may be extensive, it will put you in a better position to negotiate your divorce in the long-run. The last thing you want is to give up a piece of property without fully taking into account its value, or to attempt to hold on to a piece of property that is unlikely to maintain significant value over time.
Although some marital property may be defined ahead of time with the assistance of a prenup, items purchased by one party can end up being considered community property if they were used by both parties during the course of the marriage. This includes high-value items that may be hard to divide. Whether on your own or with the assistance of a professional, determining property value will put you in a better position to know what you are entitled to when the court is making decisions. This is especially true in cases where items that seem like separate property end up being considered community property, or where one spouse is attempting to hide assets from another.
At Ford & Friedman, We Are In This Together
At Ford & Friedman, the reason we believe in property value assessment is because we want our clients to receive everything they deserve. Our high net worth and complex divorce attorneys have seen how messy division of assets can be during the dissolution of a marriage, and we are here to make sure you don’t lose out on what’s yours during this difficult transition. From modifications to pension and retirement benefits, we will fight to make sure you receive every cent you are owed. Don’t hire representation that will back down, hire representation that will be there for you no matter what, with Ford & Friedman.
Dial (702) 904-9898 to speak to an attorney now, or contact us anytime online.