Nevada is a Community Property State
Nevada is one of nine remaining community property states (IRS, 2017). State law recognizes all property acquired during the marriage or domestic partnership as community property. This includes physical property, mortgage, vehicles, income, stocks, savings, credit card debt, and student loans. In a divorce, the courts typically divide property equally between the parties. This doesn’t mean all assets will be split 50/50.
When two parties divorce, their property acquired throughout the marriage is divided evenly. In other words, property is divided so that each spouse will gain half the fair market value of the asset(s) less community debts. All property obtained before the date of marriage is excluded from community property.
Dividing property is not that simple. Property division and alimony is often determined by the judge, juries in family court, probate court, bankruptcy court, and tax court. In some cases, one party may present evidence why a property should be excluded from community property. The court will consider when and how the item was acquired, its legal position, and reasons for disagreement among parties.
Dividing community property during a divorce can be complicated. Contact us today to consult with our divorce attorney.