The difference between separate and marital property
Nevada is a community property state, meaning that all of the property and assets that were accumulated by a couple during the marriage are split equally in half in the divorce settlement. At Kainen Law Group, we understand how difficult it can be to divide property that you have become attached to during the marriage. Not all property, however, is divisible. In fact, there are some items that may stay completely with the original owner in the divorce settlement.
Separate property is not able to be divided in a divorce settlement, but rather stays with the original owner of the property and/or assets. This includes inheritance money that was entrusted to either spouse, gifts given by a third-party or property that either spouse had solely in their name prior to the marriage. These items may be awarded to the original owner, unless they have been combined with community property in some way. For instance, if inheritance money is deposited into a joint banking account, it may be considered community property. Furthermore, if you add your spouse’s name to the title of a property you owned prior to the marriage, you may lose half of the property as well.
Marital or community property consists of items and assets that were received during the marriage. These include 401k plans, retirement plans, stock options, furniture, homes, vehicles and expensive collections. Lesser known types of marital property include lottery winnings, patents, royalties and golf course memberships.
To learn more about marital and separate property, vision our page on asset division property settlements.