This is the first of my posts in a series on how the increase in Las Vegas housing prices impacts a divorce. Given that home prices in our city have increased dramatically over the last few years, I decided that a group of articles on the topic would be helpful to southern Nevada residents. If you are a Las Vegas resident going through a divorce, and you own a home, then you have an issue that needs to be dealt with as part of your case.
There are a number of situations which currently arise in divorce cases where the parties own one or more homes. On one hand, local home prices have increased significantly and many people have equity in their homes after having previously been upside down with their mortgage. On the other hand, there are many couples who are still upside down on their mortgage in spite of the recent increase in prices. Topics I will cover over my next several articles include:
- How the Clark County Family Court will proceed in a divorce where the parties are upside down on their mortgage
- How our local Judges handle matters where the parties purchased a home during the marriage and there is equity which must be divided
- What the Court will do in situations where one party owned a home before the marriage and, during the marriage, the value of the home has appreciated
How the Court handles the issue of home division can become a complicated issue of community property division. It is important that you contact an attorney immediately if you own a home and are going through a divorce.
The issue of a house and its equity becomes incredibly stressful during a divorce. One party may wish to keep the home for legitimate reasons. It may be where your children have grown up and you do not want them to have to move. The residence may have been purchased for a particular reason – such as proximity to employment. These types of issues can cause anxiety if one is convinced that the house will have to be sold. Fortunately, Nevada community property law makes it possible for one to keep a home as part of an asset division. An attorney can help you understand the intricacies of these issues. As a Las Vegas divorce lawyer, I have extensive experience with these types of issues. Contact me today for an initial consultation.