Divorces with more assets are more complicated

When a Las Vegas couple owns more money and more assets, their divorce will be much more complicated to navigate. For example, retirement accounts, homes, investments, real estate, art and businesses all need to be financially evaluated carefully to appraise their values and tax liabilities to determine the best way to divvy them up during divorce proceedings.

At the Kainen Law Group, PLLC, our Las Vegas family law practice represents numerous high asset divorce proceedings every year, and we often face a wide array of scenarios that require special attention. Some of the most common asset division concerns in a high net worth divorce include:

— Substantial incomes: Couples in which both spouses, or just one spouse, have a substantial income will need to consider those incomes during divorce proceedings. For example, one spouse may need to pay spousal support to the other, and the amount of that spousal support needs to be estimated.

— Substantial assets: Every asset shared by a Las Vegas couple needs to be closely evaluated so that it can be fairly accounted for when deciding who receives what. Simply knowing the value is not enough because sometimes assets that have appreciated will come with capital gains taxes if they are sold.

— Businesses owned: If a business is owned, it needs to be determined if it is separate or community property. Sometimes, even if it is separate property, the spouse who owns the business may need to compensate the other spouse for any value appreciation on the business.

— Estate planning concerns: Following a divorce, estate plans need to be adjusted and beneficiary forms need to be updated.

Those considering a high asset divorce may want to discuss their situations with a qualified family law attorney. At the Kainen Law Group, our divorce lawyers are available to speak with Las Vegas residents to help them understand what their divorce will be like and what they should expect in their proceedings.