Property Division Lawyers in Las Vegas, NV

Marital Property & Debt Division in Nevada

Nevada is a community property state. This means that any property or debt acquired during your marriage is considered the property of both spouses. However, because certain exceptions to this law make marital property in divorce complicated, it is vital to have a divorce attorney for legal counsel and advocacy.

Our qualified divorce attorneys will counsel you on various forms of property, including businesses, real property, retirement accounts, investments, luxury and hidden assets, community waste and debts, taxes, and other personal property.

Community property and debt in a Nevada divorce can include: 

• Primary residence, vacation homes, rental properties, timeshares, and land investments
• Financial Accounts, including joint and separate bank accounts, savings accounts, Certificates of Deposit (CDs), and money market accounts
• Investments, including stock portfolios, mutual funds, bonds, retirement accounts (401(k)s, IRAs, pensions, and annuities
• Business interests, including family businesses, professional practices, partnerships, corporate stocks, and business assets (equipment, inventory, intellectual property)
• Personal property, including vehicles (cars, boats, motorcycles), furniture and home appliances, electronics (computers, TVs), jewelry, art and collectibles, clothing and personal items
• Debts and liabilities, including mortgages, car loans, credit card debts, student loans, and personal loans
• Miscellaneous, including club memberships (golf, country club), frequent flyer miles, season tickets (sports, theater), insurance policies (life, health, disability), educational savings accounts

Complications arise when ascertaining the fair market value of unique or non-liquid assets, such as family businesses or art pieces. The sentimental value of certain items adds to the negotiation challenges during property division.

Assigning Value to Assets

Determining the value of assets is the first step in property division. To determine fair market value, this process typically involves professional appraisal services for real estate, art, antiques, and business interests. 

It also requires financial analysis of retirement accounts, stocks, bonds, and other financial instruments by financial experts to ascertain current values and potential future earnings. 

Finally, clear distinctions must be made between marital assets, which are subject to division, and separate property owned by individuals before marriage or acquired via inheritance or gift. 

Factors a Court Considers When Dividing Property

When dividing marital assets and debts, the court may consider several factors beyond equality. 

Examples of factors courts will evaluate: 

• Duration of the marriage: Longer marriages may see a more intricate intertwining of assets and debts, affecting how they're divided.
• Economic circumstances: The economic situation of each spouse at the time of division can influence decisions, particularly about retaining the family home or other properties.
• Contribution to the marital estate: The court may consider whether one spouse's career or homemaking contributions significantly benefited the marital estate.
• Future earnings capacity: Disparities in earning power and the potential for future income might affect division, especially with alimony considerations.
• Benefit to the children: If keeping children in the family home is deemed beneficial, the custodial parent might be awarded the home, with other assets balancing the division.
• Health and age of the spouses: Physical health and age can impact employability and the need for financial stability, potentially influencing property division.