Every state has laws regarding how assets and debts will be distributed during the divorce process. Nevada recognizes community property law, which means all marital assets and debts will be divided equally instead of equitably. However, not everything you own is necessarily marital property, which means some items will not land on the chopping block during this process. Continue reading to learn more about marital property and separate property.
Marital and Separate Property
Marital property is classified as any property either spouse acquired after tying the knot. Even the assets that are solely in your name, such as retirement accounts or other investments, will be subject to division. Marital property may also include assets that become commingled. For example, if you purchased a home before getting married, but your spouse contributed to the mortgage payments, it will become commingled and part of the home’s value may be divided.
Below are some examples of marital property in Nevada:
- Automobiles
- Real estate
- Frequent flyer miles
- Pensions
- Savings accounts
- Businesses
Moreover, debts incurred during the marriage are also considered marital property, regardless of which spouse racked up the debts. In some circumstances, a spouse’s spending may be seen as wasteful dissipation, which means that spouse will be responsible for those debts.
Separate property is classified as any property either spouse owned before getting married. It also includes gifts from third parties, inheritances, and personal injury awards. A separate bank account may be safe from division if you do not deposit any wages made during the marriage. Otherwise, anything you add to the account will be community property. It might even be possible for the whole bank account to be treated as marital property.
Discuss Your Divorce with an Experienced Family Law Attorney Today!
If you are planning to end your marriage, do not hesitate to reach out to the divorce team at Ford & Friedman for the knowledgeable guidance you need to protect your interests. Our legal team focuses solely on family law and has the insight and experience necessary to provide the effective solutions you need to achieve the best possible results for your case.
Reach out to our law firm today at (702) 904-9898 to set up a consultation with one of our skilled attorneys to get started on your case and learn more about what we can do for you.