How Do Nevada Courts Divide Marital Assets in Divorce?
If you are facing a Nevada divorce, you’re almost certainly going through a difficult time and are likely concerned about your financial future. It can help to have some understanding of how Nevada courts divide marital assets in a divorce. That said, your future is too important to leave to chance; you need an experienced Las Vegas divorce attorney on your side.
The Division of Marital Property in Nevada
The State of Nevada, much like its neighbor California, is a community property state. This means that, upon divorce, you and your spouse will equally split all marital property between the two of you. It doesn’t matter who earned the money, who purchased the property, or whose name is on the property – those assets that you acquired as a married couple are marital assets that you both own equally. As such, determining what is marital property and what is separate property becomes the tricky part.
Is It Marital Property or Is It Separate Property?
Generally, anything that you and your spouse purchase or acquire during the course of your marriage is considered marital property. There are, however, some exceptions to this rule, and this is often where things start getting complicated:
● The property that either of you brings into the marriage and that you keep separate throughout the marriage remains separate property.
● If either one of you received a valuable gift in your own name only or if either one of you inherited money or property in your own name only during the course of your marriage, that inheritance or gift is the recipient’s own separate property.
● If either one of you were awarded a personal injury settlement during the course of your marriage, it remains separate property.
It’s important to remember that the same terms apply to your marital and separate debts as apply to your marital and separate assets. Determining the extent of your marital and separate properties can get very complicated very quickly; seek experienced legal counsel.
A Separate Word about High-Asset Divorce
With greater assets come greater complications when it comes to the division of marital property. In fact, high-asset divorces are rarely straightforward, and the court will carefully consider the circumstances unique to your case. There are a variety of circumstances that can significantly complicate the division of your marital assets:
● If one of you came into the marriage with a well-established business that you both proceeded to run and build into a more valuable business
● If you own a professional practice like a law firm or a doctor’s office
● If you have an extensive financial portfolio, including retirement benefits, an executive compensation plan, hedge and/or private equity funds and/or other assets
● If you own commercial real estate
Any and all of these can be exceedingly difficult to put a precise value on in the event of a divorce. Further, the court has wide discretionary powers when it comes to the division of such assets. If you’re facing a divorce, seek the professional legal services of an experienced Las Vegas divorce attorney.