Las Vegas Family Law Blog

Common misconceptions about divorce mediation

On behalf of Radford J. Smith, Chartered on Thursday, February 28, 2019.

For many years, Nevada had one of the highest divorce rates in the country. It was nearly double what you would find elsewhere. However, the divorce rate in Nevada has declined in recent years, right along with the rest of the United States.

Despite divorce's prevalence in society, many misconceptions persist around it. In particular, people get many things wrong about divorce mediation. Here are some common myths you need to get out of your head if you think you could benefit from mediation for your upcoming divorce.

When might a forensic accountant help in a divorce case?

On behalf of Radford J. Smith, Chartered on Wednesday, January 2, 2019.

While divorcing your spouse can bring with it a near-endless stream of emotions, a divorce, once you take emotions out of the equation, involves dividing your shared assets and debts so you can begin to create a life on your own. Some couples who had short marriages and few shared assets may find that dividing their assets and debts is relatively easy. However, those who have especially complex finances, or those who no longer trust one another for various reasons, may find the process to be far more involved.

In such situations, divorcing couples, or one party within a divorcing couple, may want to hire a forensic accountant to help work through the divorce. A forensic accountant is an accounting professional who may be able to help you work through certain matters relating to property division while improving the chances you get your fair share. So, when might you want to hire a forensic accountant to help you in your divorce?

What happens to home equity when you divorce?

On behalf of Radford J. Smith, Chartered on Friday, November 9, 2018.

While, when you are involved in a divorce, you may find that your emotions are all over the place, there are still certain matters you will have to work through before you can begin to rebuild and adjust to life on your own. For many couples, this means determining how to divide shared assets between you, and one of the more substantial assets many divorcing couples share is a home.

So, what sorts of options do you have when it comes to dividing home equity amid divorce?

3 key benefits of divorce mediation

On behalf of Radford J. Smith, Chartered posted in divorce on Monday, September 10, 2018.

Navigating your way through a divorce is difficult even under the best of circumstances, but long, drawn-out divorce litigation can hurt you and your family financially as well as emotionally. Rather than shell out considerable money on their own lawyers and court fees, however, many divorcing couples are instead deciding to undergo divorce mediation.

At its core, divorce mediation involves having you and your one-time partner sit down with a single, unbiased mediator to hash out matters relating to your divorce outside of a courtroom setting. Sometimes called alternative dispute resolution, mediation, while not appropriate for all couples, can offer many benefits for separating couples who are able to maintain at least some level of communication between them. Just what are some of the primary benefits of divorce mediation?

Prenups: How to bring them up to a fiance

On behalf of Radford J. Smith, Chartered posted in premarital agreements on Tuesday, July 17, 2018.

Prenuptial agreements are highly useful in the event a married couple divorces. An increasing number of couples have discovered the benefits of a prenup, and they can help lead to a more peaceful divorce should the relationship get to that point.

Although couples can establish an agreement regarding the division of assets after tying the knot, it is much easier to do so before marriage. However, a lot of people are nervous about broaching the subject of a premarital agreement to a partner. There is no way to discuss the matter without touching upon the possibility of divorce. Luckily, there are ways to have a fruitful conversation.

What happens to the family business when you divorce?

On behalf of Radford J. Smith, Chartered posted in divorce on Monday, May 21, 2018.

If you and your spouse are a high-asset Nevada couple with a family business or professional practice, it likely is one of your major concerns if you are contemplating divorce. Deciding how you will divide it and how you will continue to operate it, if at all, after your divorce therefore is one of the biggest decisions you must make.

For most couples, the family business or professional practice not only represents the major source of income, but also the biggest asset. When arriving at a property settlement agreement, you have three basic choices as follows:

Sell the business or practice and split the proceeds
One of you buy out the other's interest
Both of you continue owning and running it post-divorce

Bitcoin: a new way for spouses to hide assets

On behalf of Radford J. Smith, Chartered posted in divorce on Tuesday, March 27, 2018.

If you are going through a high-asset Nevada divorce, you may suspect that your spouse is hiding assets from you in an attempt to skew the property division. Hiding assets before or during a divorce is nothing new, and thanks to Bitcoin and other cryptocurrencies, it now is easier than ever. If you have never heard of Bitcoin and similar digital currencies, you should research them and also alert your attorney to their existence. (S)he needs to add them to the possible ways in which your spouse could be hiding assets.

Bitcoin and the other cryptocurrencies are currencies, but not money as that word is commonly understood. They are virtual money that exists in "wallets" such as a file stored on a computer, external hard drive, thumb drive, smartphone or online in the cloud. They are easy to buy, easy to sell and easy to use in payment for an ever-growing number of goods and services. They also are easy to get out of the country since a person can have multiple wallets, some of which are not in the United States.

Should I choose mediation or litigation in my Las Vegas divorce?

On behalf of Radford J. Smith, Chartered posted in divorce on Monday, February 5, 2018.

If you are facing a divorce in Las Vegas, especially if you have a high net worth, you may have several unanswered questions about how to start the process. One of the very first decisions many people face is that of whether to attempt a mediation in the divorce process or to go straight to the courtroom for formal litigation.

There are several factors that can help you determine whether mediation is an option in your particular situation. You should also consider circumstances in which mediation may actually hamper your chances for moving forward successfully. Here is some information to help you determine which route may be the better one for you.

4 tactics your spouse may use to hide assets

On behalf of Radford J. Smith, Chartered posted in divorce on Monday, December 11, 2017.

Are you getting a divorce soon? If so, you may have concerns about the property division process. You should be aware that your spouse may try to hide assets to avoid fairly distributing assets. The law requires your spouse to disclose all assets during the divorce process, but some people try to lie in order to keep assets to themselves.

According to Forbes, hiding assets is surprisingly common. But how can you tell if this is happening? Read below for some of the ways your spouse may try to lie about property, income or debts.

3 expert tips on preparing for divorce mediation

On behalf of Radford J. Smith, Chartered posted in divorce on Thursday, October 12, 2017.

Choosing mediation is an important step. For certain couples, it can be a better process than traditional litigation. But that does not mean it is always easy. In fact, you probably feel anxious about how mediation will turn out. It can be hard work, but it is often beneficial.

Feeling nervous before your first divorce mediation session is normal, but you can take some steps to make it go more smoothly. Here are three tips for preparing for mediation: