One of the tasks of a divorce court is to determine how the couple’s property and debts are divided between them. This requires identifying which property and debts are subject to division and which are separately owned. Your attorney plays a vital role in the process, helping you protect the right to your fair share. Miley Law Firm, P.C. has the skill and knowledge to secure the best result for you that the law allows.
WHAT IS THE DIFFERENCE BETWEEN MARITAL AND SEPARATE PROPERTY?
In a community property state like Nevada, the divorce court makes a distinction between marital property, which it must divide between the parties, and the separate property that each spouse keeps. Separate property includes:
- Property a spouse acquired before marriage
- Property a spouse received as a gift, inheritance or personal-injury compensation, whether before or during marriage
- Any income earned from separate property that has not been commingled or used for common purposes
All other income earned, property acquired and debts incurred during marriage are considered marital in nature. Each spouse has the burden of proving that any item is owned separately. I understand all nuances of this distinction and will present the best case for classifying property and debts in the manner fairest to you.
HOW IS PROPERTY DIVIDED?
Under Nevada’s community property law, a divorcing couple’s marital property and debts are generally divided 50/50. The assets to be split may include money, the marital residence and other real estate, tangible personal property, such as jewelry, and less tangible items, such as income, dividends, retirement accounts and other benefits.
Unlike states that use an equitable distribution method, Nevada courts do not take certain factors into consideration to depart from a 50/50 division of assets, such as the fact that the marriage has lasted a significant length of time or that one of the spouses has more resources or needs. However, the court will consider a spouse’s adultery or other fault that may have affected the marital property, such as where one spouse has wasted or hidden assets. The court will also honor a valid prenuptial agreement that provides for how property will be divided upon divorce. I try to work out divorce settlement agreements that make the fairest distributions to my clients, but if necessary and justified, I will aggressively make a case in court for unequal division.
WHY YOU NEED HELP WITH THE VALUATION OF ASSETS
Having an experienced and adept divorce attorney on your side can make the difference between getting your fair share of the marital property while keeping your separately owned property safe. One of the most difficult parts of the process is obtaining an accurate valuation of certain unique properties, such as business enterprises. Current value is often debatable and future worth may be highly speculative. Other types of property may also require special expertise to value. Where appropriate and helpful, I retain accountants, appraisers, economists and other experts to assess property values in order to facilitate an accurate division.
Contact a knowledgeable Nevada marital property distribution lawyer for a consultation
At the Miley Law Firm' P.C., I fight to protect the property rights of my clients when divorce courts classify, valuate and divide marital property. Please call 702-942-0600 or contact me online to make an appointment for a meeting at my Las Vegas office.
