Property division is one of the most important and time consuming aspects
of a divorce, regardless of whether your divorce is collaborative or contested.
For many individuals, fair property division is the key to getting a fresh
start after a divorce, so it is absolutely crucial to learn your options
with the help of an experienced Las Vegas divorce attorney.
Our founding attorney has been named one of the Top Ten Divorce Attorneys
in Nevada. Call (702) 996-6052 today to learn what sets us apart.
What Property Gets Divided?
In any Nevada divorce, nearly all property acquired by either spouse during
the marriage is considered community property. This means that both spouses
are equal owners of the property in question, and it therefore must be
split equally in the divorce. Debts acquired during the divorce are also
considered community debts, and will be split accordingly.
Property either spouse owned prior to the marriage, however, may be considered
separate property, and would not be subject to property division. Some
property, such as gifts, inheritances, or recoveries from certain lawsuits,
may be considered separate property by the court.
Types of property commonly split in a divorce include:
- Bank accounts
- House, condo, and other real estate
- Retirement accounts / pensions
Is Property Split 50/50?
As a community property state, Nevada seeks to split property as equally
as possible – ideally, property would be divided 50/50. The court
will obviously not award half of a house to one spouse; typically, one
spouse would get the house, while the court will seek to award assets
of equal value to the other spouse.
In a mediated or collaborative divorce, spouses can agree to different
property division terms. In some cases, one spouse will receive more assets
up front, but will make alimony payments to the other spouse. The terms
of your final divorce ruling can impact your future for years to come,
so it is crucial to retain a dedicated Las Vegas divorce lawyer who can
make sure your interests are protected.
Are you considering divorce? Get started today with a
free evaluation of your case.