Dividing Assets During Divorce
Believe it or not, marriages with more wealth and a higher degree of significant assets will lead to a more complicated divorce than marriages with an average or lower than average income. It’s important to understand the ins and outs of high-asset divorce if you are going through one. It’s also important to have a knowledgable attorney on your side to help fight for you during this difficult time.
Division of assets
Typically, the state of Nevada evaluates everything you own during a divorce proceeding and divides it evenly between spouses. This includes everything from your house to your cars to businesses to stocks. To make sure everything is divided equally, the courts will most likely order that all of your assets are to be evaluated by experts in the field. Typically, the thought process is that every asset can and will be appraised. Sometimes it can get complex, especially when evaluating the cost of a business. One of the most complicated parts about evaluating the cost of a business or other complex assets is due to the concept of “goodwill”. This term describes an intangible that is brought into the business, such as client relationships. It’s important to understand that this will be a part of the evaluation.
The importance of negotiation
It is important to note that it is possible to work together with your spouse to find a common agreement when dividing up assets. Many couples choose to go through mediation before going to the court system. If you are able to negotiate with your soon-to-be-ex, typically the process is quicker and smoother. However, sometimes it is imperative that cases are taken to court.
Hiring an experienced attorney
Divorce can be expensive, particularly when there are many high-value assets at stake. It’s important to have a legal expert on your side who can help negotiate the proceedings. If the case does go to court, it’s extremely important to have an attorney who is experienced in family law. Here at Leavitt & Flaxman, we have years of experience helping people navigate divorce. We are here to help. Give us a call and we will set up a consultation right away.