Smith Jain StutzmanDivorce Lawyer - Las Vegas | Smith Jain Stutzman2024-03-28T20:59:12Zhttps://www.smithjainstutzman.com/feed/atom/WordPress/wp-content/uploads/sites/1602446/2021/02/cropped-henderson_divorce_lawyer-32x32.jpgOn Behalf of Smith Jain Stutzmanhttps://www.smithjainstutzman.com/?p=482062024-02-14T17:47:04Z2024-02-14T17:47:04ZBenefits of prenuptial agreements
A prenuptial agreement can offer several advantages. For starters, it provides clarity and transparency about financial matters, helping to avoid misunderstandings and conflicts later on.
Of course, the primary goal of a prenup is to allow a couple to protect the individual assets that they acquired before marriage. This sets a clear distinction of what remains separate property in case of divorce. A prenup can also outline how to divide debts fairly.
Lastly, a prenup may expedite the divorce process by streamlining asset division. This can reduce stress and legal fees for peace of mind and security for both partners entering into marriage.
Disadvantages of prenups
Unfortunately, discussing a prenup can strain a relationship, as it may signal a lack of trust or commitment. Also, a prenup may create unequal power dynamics, especially if one partner has significantly more assets or income.
This imbalance could lead to coercion or pressure during the negotiation process. Couples should be aware that any element of coercion or duress could make the document invalid under Nevada law. Getting the assistance of a family law attorney can ensure that a prenup holds up in court.
Further, prenups cannot address all issues, such as child custody or circumstances that a couple does not anticipate at the time of drafting. This can leave certain aspects of the divorce unresolved, potentially leading to additional conflicts and legal proceedings.
Alternatives to drafting a prenup
One alternative to a prenup is a postnuptial agreement. As the name suggests, it is similar to a prenup but the couple creates it after the marriage begins. However, it tends to have many of the same benefits and drawbacks as a prenup.
Often, the preferable alternative to a prenup is establishing trusts or other legal structures. In particular, couples can utilize an irrevocable trust. Trusts are particularly useful for safeguarding assets that a spouse intends for specific beneficiaries, such as children from previous relationships.
Another benefit is that irrevocable trusts can be more difficult to challenge than a prenup. Naturally, the guidance of an attorney can help families set up this type of contract correctly.
While few people plan to go through a divorce, preparing for that possibility by drafting a prenup could minimize certain challenges if a separation becomes advisable. When a prenup is not a practical solution, other arrangements exist to protect assets.]]>On Behalf of Smith Jain Stutzmanhttps://www.smithjainstutzman.com/?p=482052024-02-10T15:53:16Z2024-02-10T15:53:16ZAlimony calculations
The court aims to ensure fairness in the distribution of assets and financial support, especially if one spouse financially depended on the other during the marriage. The median household income in Las Vegas is $66,356, and that can drop after a divorce.
Nevada courts assess various factors to determine alimony, including the earning capacity and financial resources of each spouse. If there is a significant income gap between the spouses, the lower-earning spouse may receive alimony to maintain a similar standard of living post-divorce.
The amount and duration of alimony can vary based on factors such as the length of the marriage, standard of living during the marriage and the lower-earning spouse's ability to become self-supporting.
Duration of payments
In Nevada, alimony may be either temporary or permanent support. Temporary alimony is often for a specific duration to assist the lower-earning spouse in transitioning to financial independence. Permanent alimony may occur if the lower-earning spouse is unable to achieve self-sufficiency due to factors such as age or health.
Modification of alimony
Income disparity can also affect the modification of alimony payments. If there is a substantial change in either spouse's financial circumstances, such as a significant increase or decrease in income, the court may consider modifying the alimony amount or duration accordingly.
Understanding how income disparity influences alimony can help divorcing couples navigate the legal process with clarity and fairness.]]>On Behalf of Smith Jain Stutzmanhttps://www.smithjainstutzman.com/?p=482042024-02-01T19:43:01Z2024-02-01T19:43:01Zcommunity property state, which means that the court divides property in a specific way. First, it looks at all the assets that the couple has, the assets that each spouse came into the marriage with, any assets that they purchased together during the marriage, any inheritances that a parent may have left for one spouse and more.
Then, the courts determine what is separate property and what is community property.
Separate property
Separate property is anything owned before you got married and anything you inherited and received as a gift during your marriage. Typically, you get to keep this and it is not subject to distribution in a divorce.
Community property
Community property is assets that either spouse bought during the marriage or any debt that either spouse incurred during the marriage. Typically, this is subject to distribution in the divorce, or you can negotiate, i.e., swap one thing for another.
What about my jewelry?
Now, let’s talk about your jewelry. The pieces you inherited from your family are typically separate property under the law, which means you get to keep them. If someone other than your spouse or his family gave you jewelry as a gift, that is also separate property, and you can also keep it.
Your spouse's gifts to you
Where things may become complicated is when looking at jewelry that your spouse or his family gave you during the marriage. The law may consider it separate property, especially if your spouse or his family gave it to you with the intention that it was only for you.
The most important element that you must prove to the court is that your spouse intended to give you this jewelry as a gift for only you. The intention behind the gift is critical. If your spouse gave you jewelry for a birthday or anniversary, the court is more likely to consider it separate property.
Family gifts
Now, regarding the jewelry your spouse’s family gave you, things can become more complicated. If the family gave the jewelry to you alone and not as a family gift to both spouses, it could be a separate property.
However, if the intention is not clear, it may be subject to community property division laws.
For example, if a mother-in-law has special jewelry that she wishes to keep in the family and she gives a piece of that jewelry to you with the intent that you then give that jewelry to your daughter, and the intent is clearly that the jewelry remains in the family, the court could definitely consider it community property.
It is important to note that just because it is community property, it does not mean you have to sell it. With community property, Nevada family courts aim to distribute assets equally in a divorce.
The court aims for an equal division of community property, but that does not mean that things have to be sold or cut in half.
You have options
You or your attorney can negotiate with your spouse or their attorney if there is something that is especially meaningful to you.
You can ask to keep that and in exchange, allow your spouse to have something that is of value to them. After all, he is unlikely to want female jewelry unless he intends to sell it.
It is critical to document your entire jewelry collection, its origin, receipts, current appraisals, and photographs. This can help argue your case that it is separate property and not subject to distribution between you and your spouse.
Divorce is a difficult time, and separating things is not only about the material value. Often, one of the most painful things about divorce is the thought of letting go of things that have emotional significance to you.
In these situations, you have two choices: argue that it is separate property, and if it is not separate property, negotiate with your spouse so you can keep the items you most want to keep.]]>On Behalf of Smith Jain Stutzmanhttps://www.smithjainstutzman.com/?p=482032024-01-29T21:29:24Z2024-01-29T21:29:24ZLegal recognition of marriage
Nevada has been at the forefront of recognizing and legalizing same-sex marriages. Since 2014, when a federal court ruling overturned the state's ban on same-sex marriage, couples have had the legal right to marry, and subsequently, to divorce. The state was also the first to enshrine same-sex marriage protection in its constitution.
Residency requirements
Before initiating a divorce, couples must meet certain residency requirements. At least one of the spouses must have lived in the state for a minimum of six weeks before filing for divorce. This requirement underscores the importance of establishing legal residency before commencing the divorce process.
Grounds for divorce
The state operates under a no-fault divorce system, which means that neither party needs to prove fault or wrongdoing to dissolve the marriage. Couples can cite "irreconcilable differences" as the grounds for their divorce, simplifying the proceedings.
Division of assets and debts
The division of marital property is a part of most divorces. The court follows the principle of equitable distribution, aiming for a fair split of assets and debts. Understanding how this process works ensures that both parties can navigate the division with clarity and fairness.
Child custody and support
For same-sex couples with children, determining child custody and support arrangements is a key aspect of the divorce process. Courts prioritize the best interests of the child when making custody decisions. Creating a comprehensive parenting plan and understanding the factors that influence custody decisions can help parents get through this aspect of divorce successfully.
Same-sex couples in Nevada must understand the intricacies of divorce and how it plays out in their specific circumstances.]]>On Behalf of Smith Jain Stutzmanhttps://www.smithjainstutzman.com/?p=482012024-01-15T03:07:35Z2024-01-15T03:07:35ZFinish the divorce in a timely manner
The sooner that your divorce is finalized, the sooner you can start to truly process and get past the emotions associated with it. For your children, finalizing your divorce means that they get a chance to truly process what has happened and start to get comfortable with their new reality. Ideally, you will prioritize spending time with them both during and after your marriage comes to an end to help them adjust to their new reality in a healthy manner.
Try to stay out of court
You are also encouraged to come to a divorce settlement through mediation or other methods that don't involve a courtroom. This is because it is easier to keep proceedings private when you opt for mediation or other collaborative means. Therefore, your kids don't need to know anything more than what you choose to reveal about what is happening.
Don't be petty
Ideally, you'll focus on what you need from a divorce as opposed to seeking revenge on your spouse. Taking this type of approach will likely shorten the divorce timeline while also preserving your emotional and mental health. Ultimately, you'll be able to get what you're entitled to while also having the strength to be there for your kids now and in the future.
While you have the right to divorce your spouse, you will still be responsible for your children. In addition to emotional support, a court may order you to provide child support as well. Conversely, you may be owed financial support if you are the custodial parent after the divorce is finalized.]]>On Behalf of Smith Jain Stutzmanhttps://www.smithjainstutzman.com/?p=481712023-10-10T19:22:07Z2023-10-10T19:22:07ZArt appraisals
Knowing what art is worth is especially important in states like Nevada that have community property laws as these laws require judges to divide marital estates equally even if this results in an unfair outcome. Most states have equitable distribution laws that allow judges to divide marital assets in a way they consider fair. Art appraisals are subjective, so it may be necessary to call on two or even three experts to arrive at figures that both spouses can agree on. Spouses with art collections should keep detailed records of the sums they spent to acquire, restore and insure their pieces, and they should make sure that these records are kept in a safe place. They should also be aware that only art that was acquired while they were married is subject to division.
Prenuptial agreements
Couples draft prenuptial or postnuptial agreements to avoid bitter divorce disputes, but these documents may not be enforceable if they are entered into under duress or have terms that are far more advantageous to one spouse than the other. Art can appreciate significantly in a short period of time, so it is wise to revisit prenuptial or postnuptial agreements on a regular basis to ensure that they remain basically fair.
Community property
Any assets acquired during a marriage are considered community property in Nevada, which means they will be divided equally in a divorce if a judge is called upon to settle matters. When divorcing couples own art collections, they should agree on the value of each piece before property division negotiations begin. Couples can also take a proactive approach and draft postnuptial agreements, but they should make sure that they negotiate in good faith and arrive at terms that are essentially fair.]]>On Behalf of Smith Jain Stutzmanhttps://www.smithjainstutzman.com/?p=481392023-08-21T16:55:10Z2023-08-21T16:55:10ZMaintain clear and respectful dialogue
Maintaining open lines of communication is key. Co-parents should engage in clear and respectful dialogue, focusing on the needs of their children. Clear communication helps avoid misunderstandings and allows both parties to work together for the benefit of their kids.
Use technology effectively
In today's digital age, technology can be a valuable tool for co-parents. Utilizing text messages, emails or dedicated co-parenting apps can facilitate communication and help keep important information organized and easily accessible.
Focus on the Children
Effective communication between co-parents should always center on the well-being of the children. Both parties should prioritize their children's needs over personal grievances or conflicts. This approach ensures that decisions are in the best interests of the children.
Avoid Blame and Negativity
Negative emotions may arise during the process of divorce, but it is crucial to avoid blaming or criticizing the other co-parent. Such negativity can escalate conflicts and hinder productive communication. Instead, focus on finding solutions and maintaining a positive environment for the children.
Practice active listening
Co-parents should give each other their full attention and acknowledge each other's concerns. They need to also respond thoughtfully. Active listening fosters understanding and helps prevent miscommunication.
Be flexible and open to compromise
Flexibility and willingness to compromise are essential for successful co-parenting communication. Both parties may have to make adjustments to accommodate each other's schedules or preferences. A cooperative approach can lead to more effective problem-solving and smoother transitions for the children.
Effective communication between co-parents after divorce is paramount for the well-being of the children and the overall success of the co-parenting relationship. Co-parents who are willing to work on communication can navigate this challenging terrain while fostering a supportive and collaborative environment for their children's growth and happiness.]]>On Behalf of Smith Jain Stutzmanhttps://www.smithjainstutzman.com/?p=481382023-07-13T14:31:41Z2023-07-13T14:31:41ZHave the relevant documents ready
Before any negotiations begin, it’s essential to have all the relevant documents, such as pay stubs, stock options, and bonus plans. Having these documents organized and readily available will make negotiating a fair distribution of executive compensation during the divorce process easier. You should also ensure that you have a copy of your executive contract to refer to, as well as any paperwork related to the divorce proceedings.
Understand the tax implications
It is essential to understand the tax ramifications of any settlement, as this can significantly impact how much money is kept or lost. For instance, alimony and child support payments are typically tax deductible, while stock options can be taxed differently depending upon which spouse receives them.
Avoid emotional decisions
When dealing with executive compensation during a divorce, keeping your emotions in check is essential. Avoid making decisions based on resentment or anger and focus instead on getting a fair deal.
Understand the different types of compensation
Executive compensation comes in many forms, such as bonuses, stock options, and deferred compensation plans. Understanding the differences between these types of compensation is essential to ensure that both parties get a fair share.
Consider the long-term implications
It’s essential to consider the immediate financial implications of any settlement and the long-term consequences. Consider carefully how a settlement might affect your finances and lifestyle.
Know your rights
It’s important to know the relevant laws and regulations surrounding executive compensation during a divorce, so make sure you know your rights. For example, you may be entitled to a certain percentage of your spouse’s executive compensation, depending on the length of the marriage.
Executives may be particularly vulnerable when navigating the financial implications of a divorce. By following these tips, however, you can ensure that both parties get a fair deal when dividing assets and executive compensation.]]>On Behalf of Smith Jain Stutzmanhttps://www.smithjainstutzman.com/?p=481362023-07-07T19:51:01Z2023-07-07T19:51:01Zand found 54 percent of people believe a partner with debt is a reason to move forward with divorce. Add in a situation when that debt was secret or maintained through lies to their partner and the number increases.
Why is debt such a big deal?
Debt is a two-headed beast. First, there is the debt itself. Managing repayment can fall on the shoulders of both individuals within the marriage and potentially even after the divorce.
Second, financial infidelity is often tied to a series of lies that slowly corrode the trust within the marriage. Those going through divorce have shared story after story of how lies around money, spending, and debt can seem more calculated and cause just as much if not more emotional pain than lies used to conceal a physical, sexual affair.
Does financial infidelity impact divorce?
Unfortunately, financial infidelity will result in more than just emotional strife. It will also impact the legal process of the divorce.
There is a pathway to finalizing divorce and property division of marital assets is an important part of the process. During this portion of the divorce, each party provides information on assets and debts. This is imperative so the divorcing parties split the assets in accordance with state law. A failure to provide this information can result in more than just frustration, it can have a negative impact on the legal process.
What are some examples of the negative impacts of debt on divorce?
The first is simple logistics. Failure to provide information about the debt during the divorce in a timely manner can lengthen the process — ultimately making the divorce even more expensive.
The issue can escalate based on the circumstances. If, for example, one party to the divorce attempts to hide those assets or debts the court could officially order disclosure or take additional adverse action against that individual.]]>On Behalf of Smith Jain Stutzmanhttps://www.smithjainstutzman.com/?p=480532023-06-02T21:29:41Z2023-06-02T21:29:41ZThe role of business valuation in a divorce
Business valuation plays a pivotal role during divorce proceedings. It provides an objective measure of what the business is worth. This value comes into play when dividing assets between the spouses. Without a clear, current and accurate business valuation, it is impossible to ensure that the division of assets is fair.
Business valuation methods
Professionals can use different methods to value a business. These include income-based methods, market-based methods and asset-based methods. The chosen method should provide the most accurate representation of the business's current worth.
Income-based methods evaluate the income the business generates. Market-based methods compare the business to similar ones that other people have recently sold. Asset-based methods look at the value of the business's tangible and intangible assets.
Impact of a fair business valuation
An accurate business valuation brings transparency to the divorce proceedings. It offers a basis for discussion and negotiation, reducing conflict over the perceived value of the business. It also sets the stage for a smoother transition post-divorce, as both parties can confidently move forward knowing they received a fair division of assets.
Furthermore, the valuation can impact future financial plans for both parties. For instance, if one spouse decides to buy out the other's share, they will need to know the business's value to secure financing or make other arrangements.
Divorce proceedings can become complex when it involves a business. It is important to remember that the aim of business valuation during a divorce is not to gain an advantage but to achieve an equitable outcome. Transparency, accuracy and fairness in the valuation process will contribute to a smoother divorce process and a fairer result for both parties.]]>