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Dividing up marital assets during a divorce

When a Nevada couple decides to get a divorce, they will have to reach an agreement regarding how they will divide up their marital assets. During this process, it is easy to make financial missteps when both individuals have emotional connections to some of those assets, such as the family home. However, making financial decisions purely based on emotions can have a major impact on both ex-spouses in the future.

Keeping the family home is often the number one goal for many individuals going through a divorce. However, it may be financially impossible to keep the home, especially if the person who wants it cannot afford the upkeep. Further, asking for the family home could mean giving up other assets that have a similar value, such as retirement funds or bank accounts.

It is also important to note that some financial accounts may be taxed differently than others. For example, if one person gets a bank account and the other person gets a 401(k) plan account that is worth the same amount, withdrawals made from the 401(k) account will be taxed while withdrawals made from the bank account will not be.

When former couples have spent years building up their marital assets, it can be difficult to divide up these assets fairly when they decide to go through a high asset divorce. A family law attorney may work with experts to provide a full valuation of all of the martial assets that must be divided up. In the event that one former spouse attempts to hide assets from the other person, the attorney may work with forensic accounting experts to find and provide a value of those assets.

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