Division of Assets in Nevada Divorce
Following custody of the children, the division of marital property and assets may be the most contentious issue during a divorce. Nevada is a community property state, generally meaning that all assets acquired by a couple during a marriage are divided equally when divorce occurs. If the parties cannot agree upon who gets what property, the courts will make the determination while attempting to divide the assets as equitably as possible.
Examples of assets that are viewed as community property include a home acquired during the marriage, joint bank accounts, vehicles, land and stock portfolios. Funds in pension, 401k and IRA retirement plans may also be considered as community property. Income or profits generated from a business owned by one spouse is typically viewed as community property even if the other spouse had no involvement in the business.
Community vs. Separate Property
Nevada law also takes into account the fact that couples typically own assets prior to the marriage that are not comingled with community property. These types of assets are referred to as separate property. Common examples include gifts from third parties, inherited property, any property purchased separately prior to the marriage, and personal awards such as financial judgments or settlements resulting from injuries sustained in an automobile accident.
Generally, separate property is not divided during divorce proceedings. Instead, it is returned to the spouse who owns it. If there is a dispute over whether assets are separate or community, it is left to the court to make the final determination.
Reimbursement for Contributions of Separate Property
Situations may arise in which one spouse makes a contribution of separate property toward the acquisition or improvement of community property. Upon divorce, the contributing party may be entitled to reimbursement for part or all of the total amount of the contribution.
The court will take into consideration a number of factors when determining whether reimbursement is applicable and to what degree, including the original intention of the parties, the length of the marriage, and whatever else the court deems appropriate under circumstances.
Contact an Experienced Nevada Divorce Lawyer for Assistance with Property Division Issues
As you can see, the division of assets and property during divorce isn’t always a cut-and-dried process. If you have questions or need assistance with this or any other aspect of divorce, contact an experienced Nevada divorce attorney at Right Lawyers by calling (702) 767-7611.