Dividing assets in a divorce is never easy. In high asset divorces especially, a myriad of complications can arise. From dealing with inherited assets, to credit card debts, to potential tax issues, you’re going to want a skilled attorney on your side to protect your interests.
At Ford & Friedman, we want to make sure you’re in the best possible position to move forward with your divorce. One of the ways we encourage clients to do this is by keeping track of all your assets. While this may sound difficult, it will save you a lot of hassle in the long-run, particularly when we begin preparing for division of assets and debt. Read on to learn what you need to do, and contact our Henderson divorce lawyers for experienced representation today.
Why You Should Keep Track of All Your Assets
Nevada is what’s known as a “community property” state. This means that anything purchased during the tenure of your marital relationship can technically be considered community property and may therefore be up for division. “Separate property,” on the other hand, includes personal property that one spouse acquired before or during the marriage, which was not shared with the other spouse. This may constitute gifts, inheritances, legal settlements, or profit/rent from additional separate property.
Because separate property can become community property, and the lines between the two are often hard to distinguish, it is extremely important for you to keep track of any assets you have respective of your spouse. Since anything with value can be considered an asset, this is going to be additionally important in high asset cases, as your spouse may try to argue that your separate property is actually community property.
Assets you will want to keep track of include:
- Other Real Estate
- Collectible Items
- Other Expensive Items
While the process of totaling up your assets may be arduous and even require professional assistance, it is far preferable to losing valuable property. Sadly, too often one spouse will try to hide assets during a divorce, meaning you could end up getting argued out of property that was yours to begin with.
Protect What’s Yours with Ford & Friedman
At Ford & Friedman, we have years of experience in high net worth and complex divorce cases. We know that the reality of ending a marriage is never easy, but that doesn’t mean you shouldn’t receive everything you are entitled to. If you are entering into a divorce and are looking for a firm that will fight to safeguard your assets at all costs, the choice is clear. In Henderson and across Nevada, Ford & Friedman has got your back.
Call (702) 904-9898 for more information, or fill out our contact form online to get started on your case today.