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How does Nevada divide your possessions in a divorce?

| Jul 1, 2020 | Uncategorized |

For those considering divorce, one of the most frightening aspects is the lack of certainty about their situation after divorce. Unless you have an ironclad prenuptial agreement on record, it’s hard to know what financial circumstances you will face.

The Nevada family court will likely make the decisions about who gets what if you and your ex haven’t already agreed on those terms. Familiarity with the law and state standards can give you an idea of what to expect.

It’s important to understand that no one can completely predict the outcome of divorce proceedings because every case has unique factors that influence how the courts rule. However, learning a little more about Nevada’s approach to divorce can help you feel more confident in the decisions you make and the strategy you apply.

How do the Nevada courts divide your possessions?

Marriage involves legally combining your household and finances with those of another person. When you divorce, the courts will have to find a way to disentangle your circumstances. Dividing your assets and debts is one of the most important parts of the divorce process.

In Nevada, the family courts apply the community property standard. Most everything you’ve acquired, earned or invested during your marriage will probably be marital or community property. Unless you have a prenuptial agreement or negotiate terms for an uncontested divorce before you file, those community assets are subject to division by the courts.

In the case of assets that cannot be divided between parties, like a marital home, the courts may divide the value of the item instead. It is common for one spouse who stays in the home to have to refinance the property in order to pay out an appropriate amount of equity to the other spouse for their share of the marital home. In other words, while only one person may retain certain assets, both of you will likely receive a share of their value if the court determines that they are community property.

Having an accurate idea of your marital estate helps

Some people hide assets from their spouses in order to avoid sharing them. Others might start hiding money or moving physical possessions prior to a divorce in order to diminish the perceived marital estate.

Getting copies of your financial records from your marriage will make it easier to determine the value of your marital estate and fight for a fair and reasonable outcome to property division. After all, you can only advocate for your fair share of the assets that you know about.

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