Equitable Property Division In A Nevada Divorce
People are of course more important than things. This does not mean that things, such as a significant family art collection or business that was built on sweat and hard work, are not important. Property is important. So is fairness. That’s why it’s important to understand the difference between dividing property equitably as opposed to equally. At Hanratty Law Group, we can help ensure that your property division is fair and equitable.
The Separate And Community Property Difference
We are a community property state. That means if you are getting divorced in Nevada, the things that are in your marriage (such as a house, cash, cabin, boat, cars, collections, and even a business) are considered “community” property.
Separate property is that which either spouse owned or obtained prior to the marriage. Separate property also includes items that were received as personal gifts, the award of a personal injury lawsuit, or an inheritance. A collection, home or business may be separate property if it was obtained before the marriage.
However, the ownership of everything in a marriage is not always clear. For example, one spouse may own a business before marriage, but the other spouse may have contributed significantly to the growth and success of that business during the marriage. Debt and repayment also need to be determined.
Property division in marriages where one spouse worked outside the home and the other raised children can also be more complex. Longer marriages that involve significant retirement assets, insurance or pensions require the skillful guidance of a seasoned attorney.
The Difference Between Equitable And Equal Division
Very rarely are assets divided straight down the middle. Instead many factors, such as the length of the marriage and the contributions of each spouse as well as the expectations of the roles of the spouses, must be taken into consideration. To ensure a division that is both fair and equitable, work with an attorney who understands the many aspects of divorce and how these affect Nevada property division.
Get Personal, Proven Guidance In Property Division
At Hanratty Law Group, we have helped hundreds of couples pay their debts and divide their assets and property equitably. We provide the personal, experienced guidance you need to ensure a fair outcome. Call 702-570-9287 or send a contact email to us to get started.