How are assets and debts divided
At the Law Office of Shelley Lubritz, PLLC, clients receive comprehensive information concerning the division of assets and debts in a divorce. In this jurisdiction, community property is designed to encompass almost any type of asset that is accumulated by a married couple. Items that may be considered community property include:
- Houses, cars, boats, furniture
- Bank accounts, stocks, life insurance policies that have cash value
- Pensions and other retirement accounts
Some property may not be community property for the purpose of asset division. These may include:
- Assets acquired before marriage and inheritances — Historically, community property laws do not apply to inheritances and property acquired before the marriage which is kept separate during the marriage. For example, funds from a trust that was left to you from your mother’s estate, kept in a separate bank account with no co-mingling throughout the duration of the marriage or partnership may be characterized as separate property by the Court.
- Items covered by prenuptial agreements — Couples with prenuptial agreements may avoid community property division by setting forth their own terms, in writing, before entering into marriage or a domestic partnership.
- Mixed community and separate property — By comingling pre-marriage and post-marriage earnings, the pre-marriage funds may lose their separate property characterization. Pensions and other retirement accounts earned before and during marriage may require division by a specialist who prepares a Qualified Domestic Relations Order, also known as a “QDRO.”
Division of community, jointly-held, and separate debt can be confusing. When you come in for a consultation, we will discuss the ins and outs of debt division.
At the Law Office of Shelley Lubritz, PLLC, I deliver strong advocacy when issues arise relating to the division of assets and debts. I assert clients’ rights effectively no matter how complex or contentious the divorce might be.
Contact an experienced and effective asset and debt attorney
At the Law Office of Shelley Lubritz, PLLC in Las Vegas, I provide honest advice and experienced advocacy to help resolve your family law matters. To schedule a free initial consultation at my Las Vegas office, call 702-833-1300 or contact me online.