Unique Community Property Issues
Divorce is never easy, but in a community property state such as Nevada, it tends to be more standardized. While most states in the U.S. observe the equitable distribution model of asset division between divorcing spouses, Nevada and eight others have chosen community property as the preferred model. The differences can be significant, and in many ways, much more streamlined for the couple themselves.
Similar and Different
In Nevada’s community property system everything that a couple acquires during a marriage, or that is grown during a marriage with communal funds, is community property. In other words, both spouses have an equal share of both debt and asset (for example, a vacation home acquired by one spouse but maintained with funds from the salaries of both spouses would likely be community property, as would at least most of the mortgage due and owing on the home itself).
In Nevada, marital misconduct can play a role in asset or debt division but only to the extent that the was a financial loss to the community as a result of that misconduct; to allow other marital misconduct to have an impact would be in direct contravention of Nevada’s policy for “no-fault” or incompatibility divorces.
Exceptions To Community Property Rules
There are exceptions to the blanket statement that everything acquired after marriage is community property. Certain assets may be “traced” in order to identify a separate property component; in addition, assets and debts may be addressed within a Prenuptial (also called a Premarital) Agreement. In Nevada, Prenuptial Agreements are generally honored with few exceptions. Another common exception is for items inherited by or gifted to one spouse.
Ask A Knowledgeable Attorney
If you have never gone through a divorce before, you may have a number of questions about the division of your property. Any questions you may have may be answered by a knowledgeable attorney. The attorneys at the Kainen Law Group are ready and willing to try and assist you with your case. Call the office today to set up an initial appointment.