Property division in Nevada divorce cases
When couples divorce in Nevada, a part of separating their lives will involve dividing the property they acquired while married. How that property will be divided is determined by the state’s laws regarding property division.
Property will be deemed either marital or community property. Separate property is excluded from division. Such property includes items independently owned by one spouse prior to the marriage, inheritances granted to only one spouse but not to the other, gifts one spouse received and personal injury settlement amounts for a spouse who was injured.
Marital property will generally include all of the property acquired during the marriage, regardless of whether only one spouse acquired it. Debts that accumulated during the marriage will also be divided between the spouses just as assets are. Since Nevada is a community property state, the community or marital property will generally be divided equally between the spouses by the court, unless doing so would be grossly unfair to one spouse.
Asset and property division is not always so straightforward. Sometimes, especially in long marriages or ones with high assets, there may be significant commingling of separate property with marital property, complex accounts, retirement funds, pensions and significant holdings that are difficult to divide. In some cases, especially if a person suspects their spouse may be attempting to hide assets, he or she may need to get help from an investigator to track down hidden accounts, overseas accounts and hidden assets. Some people may also want to come to an agreement regarding property division in order to prevent the court from having control over the decision. No matter what the circumstance may be, some individuals find it helpful seeking the help of a family law attorney who is familiar with untangling a complex asset estate.
Source: Nevada State Legislative , “NRS 123.259 Division of income and resources of husband and wife: Manner; conditions; restrictions.“, January 05, 2015
