Dividing Assets While Protecting Your Future

Divorce is challenging. How do you divide property and other assets with your ex-spouse without sabotaging your future? How do you protect your retirement plans, your business or your other financial interests?

At the Law Firm of Laub & Laub, we are here to help you successfully navigate the property division process. Our experienced divorce lawyers have represented many clients in both Nevada and California. We can make a difference for you, too.

Our lawyers are adept at dividing a wide array of marital assets and debts, including:

  • Houses, vehicles, real estate and other property
  • IRA, 401(k)s, pensions, military benefits and other retirement assets
  • Businesses and professional practices
  • Mortgages, car loans and other debts

Understanding Community Property Versus Separate Property

Unless you have a premarital agreement in place, any property or assets you gain during your marriage will likely be considered "community property." This means that in the eyes of the law, it belongs to both you and your spouse. Thus, during a divorce, such community property must be divided equally between the two of you.

This doesn't mean that you will each get half of the house, half of the car, half of the bank account, etc. However, it does mean that the total value of all your marital assets will need to be divided.

Separate property, on the other hand, is not subject to division during divorce. Separate property often consists of gifts, inheritances or property owned by one spouse prior to the marriage.

Here's Where It Gets Tricky

Determining whether a certain asset is community or separate property isn't always easy. For instance, separate property may become community property if it is commingled in a joint bank account. A 401(k) may be mostly separate property — except for the amount of value that it gained during the marriage. This increase is likely community property.

As you can see, it pays to work with an attorney who is thoroughly familiar with these complex matters. Let the Law Firm of Laub & Laub protect your interests. Call our Reno office at 775-391-4153, or reach us via email.