Community property in Nevada
Keeping as much of your property as possible is probably one of your priorities if you’re getting a divorce in Nevada. There is also the question of responsibility for debts. Perhaps you feel that your spouse should be more responsible for certain debts incurred during your marriage. Since Nevada is a community property state, there are specific things you should know about asset division.
In Nevada, all property and income acquired during the course of a marriage are considered to be “community” property. Community property will be divided equally between the spouses during the divorce process. Yes, that means a 50-50 split. The same applies to debts and liabilities. If you or your spouse made a purchase on a credit card, then that debt will likely be split by both of you evenly.
That said, spouses may also be able to come to an agreement over what is “fair” in their minds via an out-of-court settlement agreement. Also, in some circumstances, spouses can advocate in court for an unequal asset division if there is compelling proof that a 50-50 split of community property would be unfair to one or the other spouse.
Another way to safeguard one’s assets during the community property division process is to categorize them as “separate property.” Any and all separate property — like gifts, inheritances, personal injury awards, property and income acquired before the marriage, and more — will not be subjected to division and it will remain yours completely.
Those considering divorce may want to evaluate what could happen to them in property division proceedings before they begin the process. Knowing what to expect beforehand can help you navigate your divorce proceedings more strategically, efficiently and cost effectively.