Dividing your assets and debts is an important part of the divorce process. Each spouse wants to retain his or her share of the property acquired during the marriage. Nevada is a community property state. This means most property or debts acquired during the marriage are considered to be the property of both spouses.
However, there are also instances where the property will not be divided equally. This can happen when there is a prenuptial or a post-nuptial agreement that provides for the division of assets and debts upon divorce or if the asset is a part of an inheritance or a settlement.
In addition, a couple can choose to reach a settlement agreement that splits the property in a way of their choosing other than equally. In Nevada, if a divorcing couple is not able to come up with their own agreement on how their assets and debts should be split, the court will divide their property for them according to the specifics of their case and community property principles.
Distributing Community Property
Nevada is a community property state. Nevada courts presume that debts incurred during the marriage are community obligations and generally presumed to be owned equally by both spouses. This means in a divorce, community debt is normally equally divided between the spouses.
Separate property is assets and debts that are either owned separately before marriage, part of a written agreement, or bought with separate funds and not used for the benefit of the community. Separate property includes anything you owned prior to marriage, inherited, or received as a gift. In order to protect your separate assets in a divorce, you’ll need to have records for your accounts at the date of marriage or evidence to show the property is from a separate source. This can be difficult if you have been married for a long time.
An experienced divorce attorney can help you understand your rights, and ensure your interests are protected. Jacovino Law will help you identify the character of the assets and debts as the first step in determining a fair division of the property. Contact us at (702) 776-7179 or schedule a consultation online at https://jacovinolaw.com/schedule-a-consultation/.