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What is community property?

On Behalf of | Oct 11, 2018 | Family Law |

When a Nevada marriage is celebrated by two committed individuals, there may be few concerns about what items of property are owned by the individual partners. Couples who live together and share may not be worried about whether their spouse is benefitting from their wages or using money from an inheritance to provide for themselves and the rest of their dependents. It is only when a marriage begins to break down and the partners wish to untangle their lives through divorce may questions regarding property ownership become relevant.

The state of Nevada recognizes community property and separate property. These two forms of property have big repercussions on how property is deemed under the ownership of each partner to a marriage. If an item of property is deemed separate, it will generally be taken free and clear by the individual who owns it after their marriage is over.

However, dividing up community property can be more complex. Community property is considered any property that the spouses acquire while they are married. The money that they earn at their jobs, the homes they buy to provide shelter for their families and the cars they buy to get themselves where they need to go may all be considered examples of community property.

Both partners have the right to take some property when their marriage ends. Deciding how and what property should go to each partner can be difficult and may be negotiated between the individuals and their family law attorneys. Getting help with one’s property division can be an important step toward setting them up for a successful post-divorce future.