Nevada Property Division | NV Settling Disputes for Marital and Non-Marital Divorce Assets and Debts

When a couple gets a divorce, everything from the failed marriage must be sorted out by the courts. Legally speaking, the courts have to turn 1 household into 2 separate households. One of the most important things a court has to do is engage in property division, specifically Nevada property division.

No divorcing spouse should go to court without retaining a licensed Family Law attorney. Property division laws can be complex, plus lawyers have the proper training and experience to tell the judge what a divorcing spouse wants or needs from the property division. Furthermore, no two divorce cases are exactly the same.

Property Division Divorce Laws in Nevada

The purpose of Nevada property division laws is to make sure that Nevada marital property is allocated equally to each spouse as Nevada divorce property, generally in a 50-50 split. If a 50-50 division would not be equitable, the courts may choose to divide the property in a more equitable fashion under Nevada Statute §125.150(1)(b)

Nevada is a community property state. This means that with regard to Nevada divorce assets, each spouse has a ½ vested interest in the property of the other spouse that should be considered in dividing Nevada divorce assets or Nevada divorce property

What is considered Marital and Non-Marital Property?

Nevada marital property or community property is defined under §123.220 as all property acquired after the marriage by either spouse unless classified as separate by statute or an agreement between the parties.

Property acquired during the marriage is presumed to be community property under Nevada law.

Non-marital or separate property is defined under §123.130 as:

Property acquired by either spouse before the marriage
Property acquired after marriage via gift, bequest, devise or descent
Awards for damages due to personal injury

Dividing Assets and Debt

After the court decides which property is available for distribution, the next step is property valuation. The last step is either a 50-50 division or property or the most equitable division under Nevada Statute §125.150(1)(b).

Judges decide how a marriage's assets should be divided based on factors under Nevada case law. Here is a list of the most common property items and the most common allocation scheme used.

Cash: Divided equally among the spouses.
- Example 1: A joint savings account has $5,000. The court would most likely award $2,500 to each spouse.
- Example 2: A joint savings account has $5,000. One spouse contributed $4,000 and the other contributed $1,000. The amount will be divided equally or based on the court's determination that one spouse would not be treated fairly under a 50-50 split.
Retirement Plans: The amount accrued during the marriage is divided equally.
- Example 1: A spouse got benefits in a retirement plan after working for 25 years and was married for 20 of those years. The ex-spouse would most likely be entitled to 50% of the income acquired during the 20 year marriage.
- Example 2: A spouse has an unvested retirement plan. No division takes place until the plan is payable to the spouse who has it.
Vehicles: Divided based on the values as determined by the court. May be sold or given to a spouse outright.
- Example 1: A spouse owns a boat. The boat may be sold with the proceeds to be divided 50-50 or the boat may be given to a spouse outright.
- Example 2: A car has a shared title. The car may be sold with the proceeds in a 50-50 split or given to a poorer spouse if a 50-50 split would be unfair.
Insurance: The portion paid for or acquired during the marriage is divided equally between the spouses.
- Example 1: One spouse has covered the other under employer provided health insurance. The other spouse is in poor health and could not afford alternate health care coverage. The court may order the first spouse to continue covering that spouse for a set time and/or award money to the ailing spouse to get new coverage.
- Example 2: One spouse has a life insurance policy where the ex-spouse is to get survivor benefits. The spouse will be entitled to the portion of the benefits that accrued during the marriage.

Settling Disputes in a Divorce Case with Property and Asset Division

Under Nevada Statute §125.150(6), the property division order may be modified by the parties through a written stipulation even if the court no longer has jurisdiction to modify the order on its own.

The trial court has great latitude in making decisions on property division and appellate courts will not change the order unless there was an abuse of discretion in the trial court. This is incredibly hard to prove.

Help From a Nevada Property Divorce Lawyer

Retaining a Nevada property divorce lawyer is key to getting the fairest and most equitable result in the property division phase of a divorce. The lawyer can provide professional guidance, keep you informed of likely outcomes and help you present the best arguments and presentation to the trial judge handling the divorce.

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