Property Division

Las Vegas Property Division Lawyers

Offering Dedicated Support During Asset & Debt Distribution

Property division is a nuanced feature of all kinds of divorces. Nevada is a community property state, meaning that any assets or debts couples obtain during marriage are considered shared and must be divided equally. If you are considering divorce or are already navigating the process, you may have questions about property division and how it will impact your family’s future. Amid the uncertainty, turn to Winters Spelman, PLLC for clarity. 

Our property division lawyers in Las Vegas possess decades of experience in family law and other relevant legal disciplines, including tax and business law. They have fought for the best interests of countless clients in property division and other disputes, many involving high-net-worth estates and complex assets. Set up a complimentary consultation with our dedicated team to speak about your situation. 

Connect with Winters Spelman, PLLC online or call us at (702) 710-0199. From Las Vegas, we serve clients in the surrounding communities in Las Vegas and Clark County. 

How Nevada Law Defines Community Property 

According to Nevada law, community property is all property “acquired after marriage by either spouse or both spouses.”  This includes assets or debts acquired by spouses individually. However, it is important to note that this definition may not apply to property that a prenuptial or postnuptial agreement designates as separate. 

Below are examples of what can be community property:

  • Real estate
  • Bank accounts and investments
  • Retirement accounts and pensions
  • Vehicles and other tangible assets
  • Debts, such as mortgages, credit card balances, and loans

What Is Separate Property?

Separate property is any asset or debt obtained before marriage or after divorce. It can also include inheritances, gifts, and personal injury awards received during the marriage.

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What Property Division Involves

The essential steps involved in property division include the following:

  • Identifying and classifying community property: This is the process of determining which assets and debts are considered community property and subject to division. Simultaneously, any assets or debts designated as separate must be identified. 
  • Valuating community property: After categorizing community property, it must be assigned a monetary value. This can involve appraisals, tax assessments, or other methods of evaluation.
  • Negotiations and/or mediation: In many cases, couples can reach agreements on the division of property through negotiations or mediation. This allows them to have more control over the outcome rather than leaving it up to a judge.
  • Litigation:  If parties cannot reach an agreement, litigation may be necessary. A judge will review all evidence and determine how community property should be divided.
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Common Challenges in Property Division

Property division can be contentious in divorce proceedings, especially when high-value assets are involved. 

Common challenges that may arise include:

  • Disputes about the classification of community vs. separate property
  • Difficulty valuing complex assets
  • Negotiations concerning the distribution of assets and debts
  • Issues with hidden or undisclosed assets
  • Accounting for property division tax implications

If you are facing any of the above or have concerns about how property division could impact your future financial stability, it is crucial to seek the guidance of an experienced professional, such as our Las Vegas property division lawyers.

To find out what our firm can offer, request a complimentary consultation. Connect with us online or call (702) 710-0199.

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