How Property Divided In A Las Vegas Divorce
By Contributing Advice Expert View more articles
How is Property Divided in a Las Vegas Divorce?
Divorcing in Las Vegas may be a bit different from what you are accustomed to, especially if you have moved here from another state. The first thing that we must mention is the fact that Nevada, the home of Las Vegas, is a community property state.
Basically, this means that each of the two parties involved in a divorce owns 50% of the debts and assets that have been acquired during the marriage.
Naturally, during a divorce, these debts and assets will be distributed equally between the two spouses. However, there are some cases in which the community property can be divided unequally, usually in case of a prenuptial agreement, or of a marital dissolution settlement agreement.
In the following paragraphs, we’ll show you exactly how property is divided in Las Vegas, so that you know what you are entitled to when you file for a divorce.
- What is Community Property?
As mentioned above, community property is the property that’s equally owned by each spouse. All of the property that has been acquired by any of the parties during the marriage is labeled as community property, with the exception of a prenuptial agreement between the two parties which states otherwise, or when the court issues a contrary ruling, or if a property is labeled as separate and owned by one of the parties.
- What Rights Do the Partners Have in Terms of Community Property?
In the case of a divorce, neither of the two partners may leave in their will more than one-half of the so-called community property. Moreover, they cannot give away that property as a gift, for example, without the other party’s consent. Naturally, the partners cannot sell any real estate that is classified as community property either, unless both parties sign the contract or deed.
- Cases When Property May Be Divided Unequally
Usually, all community property is equally split in a divorce. However, there are some cases when this rule does not apply. For example, when there is a prenuptial agreement that states the division of property if the couple enters into an agreement regarding the distribution of their property, or when the court finds one of the spouses to have secreted or wasted community assets.
- Separate Property in Las Vegas
As the naming implies, separate property is the property controlled or owned by only one of the two partners. Naturally, the other partner has no right to control it. Separate property is usually the property that was owned by one of the partners before marriage, or that was acquired while the two were married via inheritance, gift, or award for personal injury.
The Bottom Line
In short, the two things that you must keep in mind are the community and separate property. If you know the difference between the two, as well as who owns what, you will have no surprises when the court divides your property during a divorce.
Also, keep in mind that there are some cases in which separate property can become community property. Moreover, domestic partnerships are still under the influence of community property rights, because the couple must register as domestic partners.