One of the primary objectives of divorce is dividing property. Property includes not only assets, but also liabilities. When a couple chooses to divorce in Nevada, the court is tasked with dividing all property equally, absent “compelling circumstances”.
How Does the Court Divide Property?
Nevada is a community property state which requires that community property be divided equally upon divorce.
Under Nevada law, assets and debts accrued during the marriage are typically considered as belonging to the marital community, while assets and debts acquired pre-marriage or post-separation are considered separate property and usually remain with the respective spouse. However, a court may sometimes choose to award one spouse’s separate property to the other spouse in order to achieve a fair and equitable distribution of property or for the payment of alimony.
Bonanza Legal Group understands that dividing assets and debts can be a difficult issue in divorce. Frequently, our approach is to negotiate a property settlement and reach a fair agreement outside of court. However, in the event an agreement cannot be reached, we are always prepared to litigate to protect our client’s best interests.
Types of Assets Divided in a Divorce
Assets divided upon divorce differ drastically from case to case. However, certain assets characterize most property division cases. Including:
- Money – Financial assets that can include funds in your checking, savings and investment accounts, for example.
- Home – The family home is considered real property and an asset that is commonly divided upon divorce. Vacant land or other owned buildings are also real property that may be divided upon divorce.
- Retirement – This includes funds such as 401(k) accounts and pensions.
- Business – Any businesses owned, as well as business-owned property and the business’s accounts receivable.
- Taxes – This includes tax refunds and any other tax credits.
- Investments – such as brokerage accounts and interests in closely held business.
Other common assets divided in divorce include deferred compensation, credit cards, patents/copyrights, art and related valuables, insurance policies, and household furnishings. Property division questions may be more complex when dissolving longer marriages.
The Court may award an unequal division of property if there is proof of certain events such as: gambling; money spent on people outside the marriage; money or property hidden during discovery; and other types of waste.
Additionally, there is some property immune from division such as a personal injury award or inheritance if certain protocols were followed upon receipt of such funds.
There are a variety of factors that can influence the award of spousal support, also called alimony. Some of those factors include:
- How long you were married.
- The ages of both spouses.
- Current income and income potential.
- Education level.
- The existence of non-marital resources (ex: a trust).
- Financial needs.
- Medical conditions that create a financial need.
- Prenuptial agreement.
- Whether the couple lived together before marriage.
- Whether one spouse stayed home and raised children
This is not an exclusive or exhaustive list of factors, but certainly a list that the Court will ask for evidence on. Bonanza Legal can help you formulate the appropriate argument in your case.
Gayle Nathan brings her significant legal experience to every case. Call for an appointment to discuss your case with her.