What does community property mean for a divorce?
In almost any divorce, property and money will be huge factors. It is simply inherent to the whole process. Some spouses will have their idea of how the property division process “should” go, and their soon-to-be-exes will probably have a conflicting view. However, there are overarching laws the preside over property division, even if in certain circumstances there may be some wiggle room.
Nevada is one of only a handful of states that abide by community property laws. The other form of property division is known as equitable distribution. That name is a bit of a misnomer, though. Equitable distribution makes it sound like each spouse will get an equal share during the property division process. To the contrary, that sentiment is truer under community property laws.
Instead, equitable distribution basically means that a judge will decide what is “equitable” (i.e. “fair”) when it comes to dividing up the property. That could mean that one spouse gets 80 percent of the property and the other spouse gets the rest.
Under community property, each spouse gets a 50 percent stake in the property that is deemed a marital asset. Certain assets won’t be deemed marital assets. For example, gifts are not considered a marital asset. If a piece of property is not deemed marital property, then it is deemed separate property, and thus is exempt from the community property process.
It is important to know all of the ins and outs of community property when you are going through a divorce in Nevada, so consult with an attorney as soon as possible.