Division of Property in Henderson Nevada Divorce
The division of property and marital assets in divorce can be one of the more contentious aspects of these cases. When it comes to dividing up the marital property, separating spouses should be aware that:
- Nevada is a community property state. This means that, in general, the marital assets will be equitably divided between each spouse as part of the divorce proceedings.
- The division of property also involves the division of any marital debt (if couples have such debt).
- When separating couples cannot agree on how the division of property in Nevada divorce is to occur, the case will proceed to the family courts, where a judge will resolve the matter.
Marital versus Separate Property
Before the division of property in Nevada divorce can occur, it will first be crucial to determine what, in fact, the marital property comprises. In other words, a distinction between martial versus separate property will need to be made in order to determine just what property is to be divided between the separating spouses.
According to Nevada law:
- Marital or community property includes any asset acquired during the term of the marriage. Marital property commonly includes things like the:
- Marital homes and/or real estate
- Joint bank accounts
- Retirement and/or pension funds
- The cash value of insurance policies, etc.
- Separate property includes any asset acquired prior to the marriage or after the couple officially separated. Separate property may also include items like:
- Inheritances that one spouse received (regardless of whether this was during the marriage)
- Awards/judgments from legal cases
- Gifts from third parties.
Where questions of marital versus separate property get particularly tricky is when:
- Separate property has been comingled with marital property, such as in the case of adding inherited or gifted funds to joint bank accounts.
- Business ventures started by one spouse enter the picture.
When divorcing spouses have marital debt, this debt will also be split up as part of the division of property in Nevada divorce. Such martial debt can include (but may not be limited to):
- Mortgage loan and/or car loan debt
- Credit card debt
- Medical bill debt.
When the marital debt is so substantial that either or both parties who will be divorcing are also considering bankruptcy, discussing the details with an experienced lawyer can be crucial to taking the right steps to limit future liabilities/potential financial challenges.
Henderson Divorce Attorneys at RIGHT Lawyers: Experience You Can Trust
Are you preparing to file for divorce? If so, you can trust the experienced Henderson divorce lawyers at RIGHT Lawyers to successfully guide you through the legal process. For more than 14 years, our skilled and trusted attorneys have been dedicated to defending our clients’ rights and interests so that they can obtain the best possible outcomes to their most important family law matters.
When you make the Right decision to move forward with RIGHT Lawyers, you can be confident that you will receive aggressive advocacy, personalized attention, and the best possible resolution to your divorce case.
Let’s discuss your case and best options for proceeding with divorce during an initial consultation. To set up a meeting with our trusted Henderson divorce lawyers, call (702) 608-3139 or email us using the contact form at the top of this page.
From our offices in Henderson, we represent clients throughout Travis County and the state of Nevada.