Couples preparing for divorce in Nevada often have numerous issues to address with one another. For example, they likely need to talk about property division matters.
Many couples buy a marital home together and then have to talk about addressing that property when they divorce. Under Nevada’s community property statutes, both spouses likely have a right to receive a portion of the home’s equity. There are different solutions that may work in different scenarios.
Selling the home
One of the simplest and fastest ways to convert investments in real property to liquid capital that the spouses can share is by selling the home. Spouses have the option of listing their real property for sale and then dividing the resulting proceeds based on other property division choices. When spouses do not have much equity accumulated or when neither spouse can afford the home based on their income or credit scores, selling the property can be an efficient solution to fairly dividing it in a Nevada divorce.
Having one spouse retain possession
Perhaps the couple shares minor children, and the parent with more parenting time wants to stay in the family home to keep their lives stable. Maybe someone has ties to the community or significant emotional attachments to the house. It is possible to reach a property settlement arrangement where one spouse stays in the marital home while the other receives a portion of its equity. The spouse staying in the home could refinance and withdraw equity to compensate the other. The spouse leaving the home could also request other resources from the marital estate to balance out the value of the home.
Retaining joint ownership
There are a handful of scenarios in which spouses may agree to continue joint ownership of the home. Perhaps they want to attempt a birdnesting custody arrangement with their children. Maybe the local market is weak or the home requires major repairs to optimize the sale price. Spouses can sometimes reach arrangements where they negotiate terms for joint ownership after the divorce. Those agreements often include rules for what happens when they eventually sell the property or when the children are adults and can live independently.
There is no one solution for “the issue” of a marital home that works in every Nevada divorce case. Knowing the different options available can help people as they prepare for divorce negotiations or litigation in family court. Spouses who have realistic goals for major assets may find it easier to negotiate or build a case in family court that meets their unique needs.