Nevada Community Property Factors
The division of marital property is often one of the most complicated aspects of a Nevada divorce, particularly when the spouses have acquired substantial assets or have established complex business and financial arrangements. At the Kainen Law Group, our attorneys have developed particular expertise in the property division of high-net worth couples, including those with family businesses or other complicated arrangements. Below we take a look at the factors involved in Nevada community property law, why you need an attorney to represent you in these matters, and how Kainen Law Group can help.
Facts about community property in Nevada
The parties to a divorce are free to divide the marital property in any way they see fit, either according to a valid and enforceable prenuptial agreement, or according to a marriage contract or settlement agreement created during marriage or as part of the divorce. It is only when the parties can’t agree on the property division that the court steps and applies Nevada community property law. Community property is essentially all property acquired after marriage by either spouse separately or together, that is not separate property. Separate property, on the other hand, is property which was owned by one spouse before marriage or which was acquired by one spouse during marriage by gift, inheritance or as an award for personal injury damages. Any income derived from the use or investment of separate property is also separate property.
While a spouse has control over his or her separate property and can sell it, gift it or bequeath it as he or she sees fit, a spouse has much less control over community property. Every piece of community property is owned equally by both spouses, so that one spouse cannot sell or encumber the property without the other spouse’s consent. Also, a spouse can only bequeath one-half of the community property in a will or other estate planning device, as the other half belongs to the other spouse.
The ideal is for all of the community property to be divided equally between the spouses. Obviously, items such as personal property and real estate cannot be divided equally unless they are sold with the proceeds divided equally between the spouses, and this may not always be the best desired outcome. Instead, the court may award a particular asset to one party, and award the other party cash or a different piece of property of similar value. It is essential, therefore, that every single asset be correctly identified as marital or separate property, and if it is marital property, it is crucial that it is accurately valued. Your attorney plays a critical role in this process, helping to locate property the other spouse may have hidden or disposed of, and making sure it is properly characterized. At the Kainen Law Group, we are experienced in business valuations and property appraisals necessary to accurately determine the value of community property.
Talk to Certified Family Law Specialists about the Application of Nevada Community Property Factors in Your Divorce
To discuss how the Nevada community property factors will affect your divorce, call the Kainen Law Group in Las Vegas at 702-823-4900 to speak with a team of knowledgeable, experienced family law attorneys who will work to make sure your property settlement is fair and complete.