This is the next article in my series on issues which commonly arise during uncontested Las Vegas divorces. My last article provided an overview of topics which this series will be addressing. It also stressed the need to speak with an attorney if you are considering ending a marriage. Retaining counsel can assist you in ensuring that all aspects of your case are handled properly. This, in turn, can prevent you from having to return to Court at a later date. In this article I will be discussing the division of community property through the uncontested divorce process. If you or a family member are in need of assistance then contact my office today to speak with a lawyer.
Community property and debts are evenly divided in a Nevada divorce
Nevada is a community property state. This means that all assets and debts acquired during a marriage will be considered as belonging to both spouses. This is true regardless of whether the asset or debt is in the name of both spouses or only one. The only exception to this rule (barring a prenuptial agreement), are assets which are acquired by gift or inheritance. Also, if spouses have separated then any new assets or debts will be “community” in nature if they have not filed for legal separation or if they have not signed a postnuptial agreement. Assets and debts do not have to all be divided in half at the time of divorce. The Court’s only concern is that the total division is equal.
The foregoing is best explained by way of example. Suppose Jack and Jill have a car worth $20,000. They also have a savings account with $10,000 in it and other mutual investments totaling $20,000. Now suppose that the car is financed and the loan has a balance of $15,000 and the parties have no other debt. If Jack takes the car, then he is only receiving a net of $5,000 ($20,000 – $15,000). Now suppose Jack receives $12,500 of the investment account. Jill receives the remainder of the investment account along with all of the savings. Under this scenario, each side would receive a net of $17,500 and this would be considered equal under Nevada law.
It must be noted that the spouses can agree to an uneven distribution of assets or debts. There are several reasons for this. These reasons can include, among other things, one side agreeing to take more debt in exchange for not having to pay spousal support, etc.
An uncontested divorce should resolve all community property issues
In an uncontested divorce, the parties must list and disclose all of their assets and debts. If an item is not included in the divorce then it will be considered unlitigated. This can mean that the parties will have to go to Court later to dispute who should be responsible for the debt or who should receive the asset. Such litigation can be expensive, time consuming, and can make it difficult to move on with your life. Retaining an attorney to assist you with your case can help to prevent such issues from arising. Counsel will take steps to ensure that all assets and debts are properly disclosed. They will also work with you to make sure that items which you may not have realized were “community” are included in the divorce.
If you are considering ending a marriage then contact my office today to speak with a Las Vegas uncontested divorce lawyer. I practice in no area other than domestic relations law and my firm understands that this is an important time in your life. I pride myself on providing the highest level of service and I look forward to speaking with you.
