How is community property divided in Nevada?
One of the most difficult things about many divorces is asset division. In most cases, couples who have been together for years have grown their financial standing considerably since the day they said “I do.” This means that there will be many shared resources, financial accounts and other assets that need to be divided.
Nevada is a “community property” state. This means that property — with certain exceptions — acquired by one or the other spouse during the course of the marriage will be divided equally between them. This same theory of property division also applies to debts and liabilities.
Since there are exceptions to what property will be considered community property, it’s important that spouses know what those exceptions are. For example, some of the assets that will be considered separate property include:
— Property owned separately by the spouses before marriage
— Money earned while living in states that are not community property states
— Property received separately as inheritances or gifts
— Property purchased with separate funds owned prior to the marriage
— Property that the spouses agreed to convert from community property to be separate property
Spouses need to remember that the value that assets accrue — including business assets — during the course of the marriage will also be considered community property. That means that even if the item was owned before the marriage, like a piece of art, if that property rose in value, then the increase in value will be subject to division in asset division proceedings. With the help of a family law attorney, Nevada spouses can gain more insight into how specific assets and property will be divided in their divorces.
Source: FindLaw, “Checklist: Dividing Marital Property,” accessed Dec. 26, 2016