Property and Debt Division Lawyers

How does Nevada classify my marital assets and debts?

You want to know your assets and debts are fairly divided during a divorce to ensure your financial stability and protect your future. It prevents you from being unfairly burdened with debt or losing a rightful share of assets. Fair division also promotes a smoother, less contentious divorce process.

In Nevada, marital assets and debts are classified under the principles of “community property.” Here’s how it works:

1. Community Property: Nevada is a community property state, which means that any assets or debts acquired during the marriage are generally considered to be jointly owned by both spouses. This includes income earned, pensions, property purchased, and debts incurred during the marriage, regardless of whose name is on the title or who made the purchase.
2. Separate Property: Assets and debts that are considered separate property are typically not subject to division. Separate property includes assets or debts that:
   • Were owned by one spouse before the marriage.
   • Were received as a gift or inheritance by one spouse during the marriage.
   • Are explicitly outlined as separate in a prenuptial or postnuptial agreement.
3. Commingling: If separate property becomes mixed with community property (for example, using separate funds to pay for a jointly owned home), it may lose its separate status and be considered community property.
4. Equitable Division: While community property is generally divided equally, the court may consider factors such as the length of the marriage, each spouse’s economic circumstances, and contributions to the marriage when dividing assets and debts.

Dividing property requires careful consideration

What you consider a ‘fair share’ may differ from what your ex-spouse thinks. Understanding this in advance can help you prepare and make the transition to life after divorce smoother.

It’s important to know the key factors that the courts take into consideration when dividing marital property in NV. Here’s a list in no particular order of preference:

• The length of the marriage
• The health and age of each spouse
• The financial situation of each spouse
• The financial impact of separate property on the overall distribution of marital property
• Each spouse’s financial contributions
• Each spouse’s non-financial contributions
• Custody of children if applicable

Clearly, the courts have many factors to consider. With a Smith Legal Group lawyer by your side, you can be confident we’ll make strong arguments to protect your interests. This is especially important if you need to argue that your pension should not be treated as community property due to specific circumstances.

Property and debt division can be contentious

Disagreements often arise over the valuation of assets, the classification of property as marital or separate, and the fair distribution of debts.

These disputes can be exacerbated by emotional factors, financial stakes, and differing priorities between the spouses.

If you want to minimize or avoid disagreements in or out of court, you need a Smith Legal Group lawyer by your side to de-escalate conflicts. Here’s how we do it:

• Address misunderstandings and align expectations from the start
• Engage outside experts to provide accurate valuations of complex assets
• Pursue mediation or negotiation techniques to reduce the likelihood of disputes
• Anticipate and manage emotional aspects throughout the process

While it’s wishful thinking to expect to get everything while your ex-spouse gets nothing, that rarely happens. You hire us to be practical and realistic, using our legal experience and understanding of the court system to create a clear and fair property and debt division settlement.

Preventing disagreements that could delay the outcome is always a key focus in our legal strategy.