Division of Property

Under Nevada Law, all property acquired during marriage is community property with three exceptions: 1) gifts; 2) inheritence; 3) awards for personal injury damages. Any property that was acquired before marriage is not, by definition, acquired during the marriage and is therefore not communityproperty. A common hurdle, however, is proving that certain property was acquired prior to marriage. With money, a spouse must generally trace money back to funds owned prior to marriage. A similar tracing is generally needed to show that funds currently owned originated as a gift, inheritence, or award for personal injury damages.

Community property includes only property acquired during marriage. Any property that was acquired before marriage is not, by definition, acquired during the marriage and is therefore not communityproperty. If property was acquired prior to marriage, but payments were made on the property during marriage, then the community may acquire a claim against the separate property upon divorce. This is common with houses purchased prior to marriage when mortgage payments are made during marriage. A common hurdle, however, is proving that certain property was acquired prior to marriage. With money, a spouse must generally trace money back to funds owned prior to marriage. A similar tracing is generally needed to show that funds currently owned originated as a gift, inheritence, or award for personal injury damages.

Under Nevada law, community property must be divided equally unless there is a compeling reason not to do so. The fact that a spouse was unfaithful, cruel, abusive, or otherwise a bad person, is not a reason to divide property unequally. Conversely, the fact that a spouse was good, well intentioned, and faithful, is not a compelling reason to divide community property unequally. One reason to divide marital property unequally is called marital waste. If one spouse intentionally destroyed community property or gave it away, without the knowledge and consent of the other spouse, the court may find that this is a basis for an unequal division.

Businesses started during the marriage are community assets. Even if a business was started prior to marriage, the other spouse may be entitled to compensation if efforts during the marriage increased the value of the business. The Momentum Law Group works with certified business valuation experts to determine the value of businesses and value of a community interest in a business started prior to marriage.

Divorce often requires the valuation and appraisals of many different types of assets, for instance: 1) real estate; 2) businesses; 3) stocks, stock options, and restricted stock units; 4) vehicles; 5) jewelry; 6) firearms; 7) trade and business equipment; and 8) furniture. The Momentum Law Group works with experts in various fields as needed to obtain appropriate values for each of these assets.