Divorce is more than just the splitting up of a couple. It is also a division of all things acquired during the marriage. Property acquired during the marriage must be parceled out to the individuals. Most states divide property based on Community Property laws, where the property is shared equally. A less common way to divide assets is Equitable Distribution, and this is the way that property is divided in Las Vegas. Equitable Distribution allows for mitigating factors to be considered in determining what is considered an equitable, or fair, division of property. This can make a significant difference in the outcome of the divorce settlement.
In Las Vegas, as in most states, there will always be couples who agree on the legal division of assets without legal or court intervention. In these cases, the courts will rarely intercede in the agreed upon settlement provisions, unless one spouse is clearly getting the short end, or more especially when there are children involved.
For couples that are unable to agree on property settlement provisions, the court will gather all data needed in order to fairly split the marital property according to the laws of the state. All property and debt acquired during the marriage are listed and assigned a monetary value. The court presumes that, even if individually held, both sides contributed to the acquisition. The court will then consider any other factors that would affect the fairness of a property settlement.
These factors can be crucial in deciding on an equitable distribution. Although the divorce laws in Las Vegas do not consider fault or cause of the divorce, they do consider other elements that are largely ignored in Community Property States. For example, the court will take into consideration the real contribution of a homemaker, child custody arrangements and alimony. Details, such as the length of the marriage and the age and health of both parties, will be considered. The level of contribution in acquiring the assets, retirement or pension plans, and property owned that is separate from the marriage will all be taken into account. The court’s goal is to divide the estate in a fair manner, allowing for each party to leave the marriage in a financially reasonable state.
The Equitable Distribution law in Las Vegas allows for a more just division of property than Community Property states. However, because this type of division of assets is alien to most people, those divorcing in Las Vegas, particularly if significant marital assets are involved, are wise to have the support and advice of an attorney. A qualified lawyer will seek full disclosure of information by both sides.
Although the court always makes the final decision and signs the final divorce decree, the power to influence property division lay in the hands of the parties involved and their attorneys.
It is vital to hire an experianced family law attorney in Las Vegas from The Hill Law Group.