2 important facts about Nevada divorces
There are a number of details that apply to the legal aspects of Nevada divorces, which every person considering divorce in this state should be aware of, especially when it comes to high-asset divorce proceedings. This article will discuss two of the most pertinent facts that relate to Nevada divorce proceedings.
Firstly, spouses considering divorce should know that Nevada is a “no-fault” divorce state. What this means is that the majority of divorces are approved on the grounds that both spouses have irreconcilable differences, which have caused the marriage to break down. Spouses might alternatively base their divorces off the fact that they have been separated for at least one year. Although Nevada is a “no-fault” state, however, proving that one of the other spouses was at fault for the divorce could give the other party an advantage when it comes to navigating alimony and property division arrangements. As such, the notion of “fault” should never be completely disregarded.
Secondly, it should be known that Nevada is a “community property” divorce state. Community property division in divorce proceedings means that the court will consider all income earned by either of the spouses throughout the course of the marriage as assets belonging equally to both spouses. As such, property purchased with these earnings will be considered as equally owned by both spouses. During the divorce process, this community property will be divided as equally as possible by the spouses.
When it comes to a high-asset Nevada divorce, the asset division process tends to become more complicated. Forensic accountants, appraisers, tax professionals, and legal advisors may be needed in order to determine the value of specific assets and how to split them up in a way that is fair to all parties involved. An experienced divorce lawyer will be indispensable to ensure that one’s rights are fully protected throughout the process of dividing a large marital estate in this fashion.