Property division 101: Separate vs. marital property
The division of property in a Nevada divorce involves marital and separate property, as well as other special considerations.
When couples are faced with legal separation or divorce, one of the biggest challenges they face is dividing their marital property. Nevada is a community property state, which means that all marital property is divided equally in half, without taking into consideration various factors such as how long the marriage lasted or what were the grounds for divorce. Couples who place the division of property into the hands of the court may end up losing property and assets that they have developed an attachment to. In some cases, however, the couple may be able to negotiate the property division themselves, without the need for court litigation.
What is considered marital property?
Any property and/or assets that are accumulated during the marriage is considered marital property. While people generally think of dividing homes, cars and furniture, there are other items that people may not think about. Other types of marital property may include the following:
· Rights to intellectual property, such as copyrights, patents and trademarks.
· Lottery ticket winnings.
· Golf course and country club memberships.
· Art, antique and car collections.
· Stock options, retirement accounts and pensions from previous employers.
In addition to these types of marital property, couples may be required to split any tax refunds that were earned during the time the couple was married.
Not all property and assets are considered marital. There are some things that are labeled as separate and are not eligible for division in a divorce settlement. This includes any property that a person owned prior to becoming married, as long as the title of the property remains solely in their name. Furthermore, property and/or assets that either couple inherited, or received as a gift from a third-party may stay in possession of the original owner. Depending on the situation, the court-appointed judge who is determining property division may consider the types of separate property owned by either party and how it may influence the marital support.
Obtaining legal counsel
Whether you are attempting to negotiate the terms of the divorce settlement yourself, or you are going through traditional court litigation, you may want to seek counsel from an attorney in Nevada who understands the state’s property division laws. Going through a divorce can be an emotional process, and trying to make critical decisions during this time can be daunting. It may help to have a knowledgeable person looking over the details of your situation and helping you make the best decisions for your case.