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 Nevada Property Division LawsNevada Divorce FAQNevada Child Custody FAQ Nevada Child Support FAQ Nevada Alimony/Spousal Support FAQ The first step is to classify the assets, distinguishing separate property from marital property. Separate property is property acquired before the marriage or property acquired by gift, inheritance or as a result of a personal injury action. Marital property consists of all other property acquired during the marriage, including the parties' earnings. There are instances when separate property may be classified as marital property. Once classified, the property must be valuated and/or appraised so that it may be split equitably. Most of the time professional experts are hired to determine the value of real property, businesses, retirement accounts and professional degrees/licenses. There are fees associated with hiring professional experts. The property is distributed or divided either by settlement or the court. If the court determines the distribution, they must consider a number of factors before making a decision about how the property should be split or if it should be split. Unless the action is contrary to an enforceable premarital agreement between the parties: If a party has made a contribution of separate property to the acquisition or improvement of property held in joint tenancy, the court may provide for the reimbursement of that party for his contribution. The amount of reimbursement must not exceed the amount of the contribution of separate property that can be traced to the acquisition or improvement of property held in joint tenancy, without interest or any adjustment because of an increase in the value of the property held in joint tenancy. The amount of reimbursement must not exceed the value, at the time of the disposition, of the property held in joint tenancy for which the contribution of separate property was made. In determining whether to provide for the reimbursement, in whole or in part, of a party who has contributed separate property, the court shall consider: (a) The intention of the parties in placing the property in joint tenancy; (b) The length of the marriage; and (c) Any other factor which the court deems relevant in making a just and equitable disposition of that property. As used in this subsection, “contribution” includes a down payment, a payment for the acquisition or improvement of property, and a payment reducing the principal of a loan used to finance the purchase or improvement of property. The term does not include a payment of interest on a loan used to finance the purchase or improvement of property, or a payment made for maintenance, insurance or taxes on property. If it deems it equitable, the court may also set apart a portion of either spouse's property for the other's support or for the support of their children. -From the Nevada Revised Statutes 125.150 This information has been summarized from the Nevada statutes. You can find the full-text version of these and other Nevada divorce statutes online here: Nevada Divorce Laws. |
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