Community property refers to everything a husband and wife own together. Included in community property are things like real estate, money earned during a marriage, and debts amassed while married.
Nevada is a community property state. This means that all assets and debts acquired during the course of a marriage are owned by both partners – even if only one partner’s name is attached. If you do not have a prenuptial agreement, property will be distributed equally by the courts in the case of divorce.
Is Community Property a Straight 50/50?
Community property can mean 50/50, but that’s not always the case. For example, if you have a home in just your name prior to getting married, that home is yours. If your spouse made payments on the home after marriage, however, equity and other increases from that point would be split equally.
If the house was purchased after marriage, even if only one name is on the mortgage, the property is considered communal and will likely be distributed equally.
Are Debts Covered Under Community Property?
Yes, in the state of Nevada, all debts accumulated during the marriage are joint. It is possible for the divorce decree to place the debt with one partner, but creditors are entitled to go after either spouse, regardless of divorce orders, for any debt accrued during the marriage.
In a community property state, both parties benefit, as one, from assets. Both parties are responsible, as one, for all debts as well. The only way to avoid this is with a prenuptial agreement.
Even in cases of an amicable divorce, asset and debt division in Nevada is fairly black and white, but nothing is set in stone. If you are going through a divorce and are in need of experienced, measured, and effective legal advice, call Attorney Bradley today to schedule a case review and learn how we can help.
Consider a Prenuptial Agreement
A prenuptial agreement offers one of the most reliable safeguards against significant losses in the case of divorce. Even in cases where the wealth discrepancy is minor, having a prenuptial agreement can ease the process of divorce and help prevent contentious and lengthy legal battles. An agreement can also help keep you out of court and protect you against taking responsibility for your ex’s debts.
Tom Bradly can create a thoughtful and comprehensive prenuptial agreement that protects the best interests of both involved parties. Frank, honest, and dedicated, Mr. Bradley will listen to your concerns, build an agreement that makes sense to you and your partner, and put into place protections that will take control of your divorce away from Nevada community property laws and place decisions squarely into your hands. Call today to schedule a consultation and learn more.
Family law attorney Thomas C. Bradley is located in Reno, Nevada. He welcomes clients from Spark and all surrounding areas. Call 775-323-5178 to schedule a consultation and learn how Mr. Bradley can help.