When a couple plans to get divorced after many years of marriage, their finances and assets have typically become so intertwined that they don’t know how to begin unraveling them. Some, in fact, delay the divorce for a long time because the situation is so complicated. Attorneys providing service for Divorce Law in Las Vegas NV can help, with each spouse retaining a separate lawyer.
Assets
After 20 or 30 years of marriage, spouses typically own a home. They may have vacation property as well. They may own a small business together. One might have taken out a mortgage on property owned before the marriage to fund the other person’s new business. One or both might have a retirement account or even a pension fund. The two might own a sailboat that one spouse really wants to keep. They cannot figure out how to divide everything equitably, and they certainly do not want a judge to decide for them.
Property Division
Attorneys providing service in Divorce Law in Las Vegas NV can help the spouses figure out ways to divide their assets in a way that the court will agree with. They must follow state laws in regard to community property. Community property laws require the total amount of assets acquired after the marriage to be divided in half. If one spouse will be receiving more, they must have a marital dissolution settlement agreement accepted by the court. Their outstanding debt also is divided in half.
Each person may have certain possessions that are co-owned but that they want for sentimental or other important reasons. Both spouses will probably have to give up something in the negotiating process, and they will need to accept this beforehand so they can keep their discussions civil.
The Family Home
Whether or not either of them can continue living in the family home may be a major point of discussion. Usually, this is the most expensive asset, and the one that a spouse would have to pay the most to keep. The person must take a clear look at the financial situation. Collaborative sessions arranged through a law organization like Pintar Albiston LLP can be valuable. You can also connect them on Facebook.
