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Las Vegas Family Law Blog

What happens to the family business when you divorce?

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:

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

Bitcoin: a new way for spouses to hide assets

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?

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

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

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: 

Divorce mediation vs. litigation: know your situation

Divorce mediation in Nevada is a newer form of resolution of divorce, unknown to many. For those for whom the process is suitable, it can be beneficial. But it can also be the wrong choice when you really have to protect your interests in litigation.

Mediation relies on a neutral mediator experienced in the laws related to the issues involved in the divorce process. That professional assists the parties to come to agreement on their specific divorce issues. The process helps prevent the divorce judge from making an order that one or both parties would not have chosen.

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With so many factors to consider, we understand that you have questions about the challenges ahead and the options available. We are here to answer any questions you may have about divorce and other family law matters. We have been representing clients throughout the greater Las Vegas area for over two decades, our Henderson family law attorneys are ready to provide you with the open and honest family law counsel you need to move forward with your life. Contact us today to find out more.

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