How is Marital Property Divided During a Divorce?
Throughout the course of a marriage, couples tend to accumulate many shared assets. At the time of divorce, these assets are typically divided to dissolve all legal and financial dependency between the two parties. Unless an agreement is made peacefully between both parties, the Court will have the final decision on how to divide the debts and assets.
Separate Property: Property Owned Before Marriage
When assessing what property or income is to be divided, the court will first determine any Separate Property. Separate Property is anything earned or owned by one spouse prior to the marriage. These assets are typically granted to their original owner without being divided, however, can still be surrendered to the other spouse later in the form of child support or alimony.
Community Property: Property Earned During the Marriage
In the state of Nevada, a key deciding factor in determining what is granted to whom is the idea of Community Property. Because Nevada is a state that relies on Community Property, that means that any income, property, or debt earned by either spouse during the marriage is considered “Community Property” and therefore split equally. However, there are some exceptions to when a court will allow Community Property to be split disproportionately:
- If both parties agree to a different division of their assets and present it in a written agreement
- If the property was a gift, inheritance, or personal-injury award
- If a spouse can provide compelling economic or just reasoning for an unequal split (This does not include moral reasoning, such as infidelity, etc.)
- If your role in the marriage left you less financially stable than your spouse. (Separately from alimony)
For more information, and to hear our experienced family law attorney discuss more on the topic of divorce, check out “How is Marital Property Divided During a Divorce?” on our Youtube channel.
If you want to make sure your rights to marital property are protected, contact our experienced attorneys today. For questions, or to set up a meeting, contact our office at (702) 998-1188 or firstname.lastname@example.org.