Property Division in Divorce
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Divorce is more than the separation of two spouses. It also means dividing up one household into two. Everything from the house and bank accounts to who keeps the family dog must be worked out in the process and certified by the court. The court has wide discretion on making property division decisions, so careful preparation and presentation is always important.
Nevada is a community property state. This means that each spouse has a 50% interest in the marital property. Community property is any property obtained during the marriage. On the other hand, non-community property is property owned prior to the marriage or items acquired by one spouse after the marriage that is defined as gifts, bequests, inheritances or damages won in a personal injury lawsuit.
In most cases, community property in divorce will be divided equally between the partners. Determining values, deciding what items go with whom and assuring an equitable treatment for the divorcing individual in the divorce property division process is a complex process and should be done with the help of a good divorce attorney.
An important step in the property division is the valuation of the assets or property. A valuation can be subjective and for substantial assets, such as a home or a family business, professional valuation experts may be called in to provide an estimate of market value. Business valuation involves complex factors such as revenue fluctuations, costs and expenses, goodwill and more.
More commonly owned assets that must be divided include:
Often in divorce, assets and property may be missed or undervalued because no one took the time to investigate what could be overlooked or hidden assets. A good property division attorney will investigate spousal financial records, credit reports, and spending habits. They will evaluate the meaning and impact of business records, bank records, tax returns, mortgages, and second mortgages and search for retirement and other hidden accounts. It is important to evaluate debt, pensions and other financial activities to be sure that the entire financial picture is clear before final property divisions are made.
If you are facing property division in divorce, you will need an attorney with wide experience in divorce-related property valuation who can help you obtain your fair share of assets in the divorce settlement. Call the Page Law today for a free consultation to help with your property division.