Nevada Property Division Factors
In Nevada, the property and debt issues are typically settled between the parties by a signed Marital Settlement Agreement or the property award is actually order and decreed by the District Court within the Decree of Divorce.
Nevada is considered a "Community Property" state. Community property is defined as all property and debt that was acquired from the date of marriage until the marital cut-off date. The community assets will be split equally by the District Court if the spouses are unable to reach an agreement.
Any property held in joint tenancy (community property) will be divided upon divorce if the parties cannot agree. 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 or her 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: (1) The intention of the parties in placing the property in joint tenancy; (2) The length of the marriage; and (3) Any other factor which the court deems relevant in making a just and equitable disposition of that property. (Nevada Statutes - Chapter 125 - Sections: 150)
Since Nevada is a "Community Property" state, all marital property will be divided in a 50-50 fashion according to the court unless agreed to otherwise by the divorcing spouses. This means that everything that is considered "up for grabs" in the divorce will be distributed equally to each spouse. Obviously this does not entail splitting a car in half so to speak, but rather each spouse will be rewarded with assets of equal value. You can learn more about Nevada property division in the Nevada state statutes located at: http://www.leg.state.nv.us/.
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