How Property Division in Nevada Works
The dividing up of property is a frequent concern during Nevada divorce proceedings. Nevada is considered a community property state, meaning that a judge will equally divide a couple’s property in a divorce. A court will intervene in the undertaking of property division if a couple cannot come to an agreement on how to split up their property. Throughout the process, the court will maintain the state standard of dividing the property equally among the couple by following these key principles.
Types of Property
Property is categorized as being either community or separate in court. Community property is all property acquired after marriage. Separate property is all property acquired before marriage or clearly gifted to one spouse. Typically, only community property is (equally) divided during a divorce. Separate property tends to be retained by the spouse who initially acquired it.
Common Community Property
Community property involves a long list of commodities in Nevada, including income, homes, cars, businesses, debts, 401(k) accounts, and virtually any other form of real property acquired by the spouses after marriage.
Dividing Community Property
A judge will distribute community property on the basis of several factors, including:
- the income of each spouse
- the financial resources of each spouse
- the age of each spouse
- the mental and physical health of each spouse
While many factors are taken into consideration by a judge when dividing up a couple’s property, the issue of which spouse broke up the marriage will not be taken into account during the process.
The division of property in Nevada divorces can quickly become complicated, which is why it is important to obtain the help of qualified and committed divorce attorneys. If you need assistance with resolving a divorce, please call Carlson & Work at 775-386-2226.