March 21, 2013 /24-7PressRelease/
-- Divorce: Property division in Nevada
Article provided by Mullins Law Firm
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If you are getting a divorce, you should understand the specific family laws of your state. Depending on your location, the allocation of property pursuant to divorce could differ immensely. In Nevada, the courts generally accept a property division agreement from the parties, providing it is fair and reasonable. On the other hand, if the litigants cannot agree, the property is divided within the divorce proceeding.
Nevada is a community property state. In simple terms, all property and debt acquired from the date of marriage until the end of the union is considered community property, with the exception of property acquired by gift, inheritance or personal injury recovery, which are all deemed separate property of the acquiring spouse.
Subsequent to the end of a marriage, a court will divide a couple's marital property. In Nevada, the court often splits these assets in a 50-50 cut; however, this is not always the case. Courts are not required to divide community property equally. They may create an unbalanced distribution if there is a compelling and equitable reason to do so.
In general, separate property is property owned prior to marriage, or property acquired by gift, inheritance or personal injury recovery after marriage. However, is important to note that the community might acquire an interest in separate property of one spouse in a variety of ways. First, if separate property is mixed with or commingled with personal property, it might be hard for the court to tell which is which. The burden is on the party trying to prove a separate property interest, by clear and convincing evidence to overcome the presumption of community property.
Ultimately, the characterization of a couple's assets can be very difficult. Sometimes there is overlap among community and separate property. For example, if a person purchased a home prior to the marriage, some of the payments toward the home could be separate and personal, while the value of money put into the property throughout the marriage could be subject to equitable distribution. If someone owns a business prior to marriage, and grows the business with his community efforts after marriage, the community will develop a prorate interest over time.
Your divorce and property will depend on your personal situation. What did you bring into the marriage? What did you create with your spouse during your union? Are there commingled assets? Can the party claiming to own separate property prove the property has remained separate? The family law court makes determinations based upon how clearly the evidence is presented to prove the character of each asset or debt at issue. It is very important to retain the assistance of a qualified family law attorney who has had experiences presenting these cases to the court in a prepared, methodical manner.---
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