If you are going through a divorce and you reside in the state of Nevada, do you two have a plan for what you get to keep and what they get to keep when it comes to your property?
Do you have a plan for who will be responsible for these certain debts that you guys obtained while you were legally married to one another?
Perhaps, you two have debts prior to marriage, what is going to happen to those debts as well?
Well, for today, we are going to sit down and discuss what will happen to property after you both are legally divorced from one another.
What is a Property Settlement Agreement After Divorce in Nevada?
First and foremost, you are probably wondering what in the world is a property settlement agreement and if you need one upon your separation from one another.
The property settlement agreement is going to be a document that outlines how you two will be dividing your properties amongst you guys in the event of a separation or a divorce.
This property settlement agreement is bound by law, when it is finalized by a judge. A property settlement agreement is often also called by one of the following names as well:
- Settlement Agreements
- Property Agreements
- Spousal Agreements
Now, you will always need a valid property settlement agreement. A valid property settlement agreement will need to be in writing and will also be required to have both you and your partners signatures.
Each spouse will be required to disclose their personal financial background as honestly as they can when they are listing what assets they have. This way the judge can look at everything and ensure that everything is fair and that the properties are being divided fairly.
If you and your spouse cannot come to a settlement agreement, then the state of Nevada will not encourage you to get a divorce until you can
One thing you should never forget on your property settlement agreement is your validation date. The validation date on the property settlement agreement will be the date of when the assets were valued. The state of Nevada court will have the option to choose from a range of dates for the validation date. These dates can include one of the following:
- Date of the trial
- Date of when you two separated
- Date of when the divorce was finalized
You should always keep in mind that the validation date is going to be one of the most important dates on the agreement just since your value in assets can sometimes change between date to date.
What Happens to Property After a Divorce Settlement is Denied?
First up, you are probably wondering how in the world did you get denied. Well, have no fear there are a few ways that you can have your property agreement settlement denied.
You could have made a mistake. Mistakes happen all the time. A mistake and easily affect the distribution of property unevenly, which will require you to redo the entire agreement.
You could be committing fraud by falsifying information. It is vital that you answer all questions as open and honest as you can. Do not try and pull a fast one over on the courts, they will catch you every time.
When this agreement is done, both of you must have agreed upon this. One spouse will not be permitted to force the other one into signing the agreement, if they do not mutually agree.
If you found that the state of Nevada court invalidated your property settlement agreement, then they will ask you to rewrite the agreement. This new agreement will have to better represent both of your best interests.
Did you know that Nevada is also known as the community property state?
If you are unsure what a community property state is that just means that all property and income earned by either side when married is all community property. So, what you earn and what your spouse earns you both have an equal share, even if one spouse makes more than the other. Which then means that it must be split equally between you to in the event of a divorce.
However, this just is not about property and income, this will also go with debts as well. So, all debts that you two obtained during your marriage will also be community debts, which you both will be equally as responsible for even if the other spouse was the one who was making these debts.
Now, if you and your partner do not want to split everything down the middle, you both will need to have a written separation agreement. This written separation agreement will need to be fair for it to be approved.
However, if you and your spouse do not want to split everything down the middle, but you guys are not coming up with anything that you can agree on, you can go with the unequal division, but you will need to convince the court that this is in the best interest of everyone involved for them to approve it.
Separate Property is Excluded
Now, you should also keep in mind that yes, the court will split everything down the middle, but if you have separate property that you have owned prior to getting married, this property is excluded.
This can get in a sticky situation because there will be times that you will obtain a property while married, but it may be given under an inheritance, as a gift, or it was a part of a personal-injury award. If it falls in one of the above situations, then this property will also be excluded as well.
So, just to repeat all property that you have had during your marriage is community property. All property that you have had prior to your marriage is your own property and it is excluded.
But what if you wanted to keep a property to yourself that you acquired while you were married?
If that is the case, you will need to convince the court that either it was given to you and only you, that it was only intended for you, or anything else that would make that property yours over the other parties property.
Let’s stop and talk about real property for a moment. What is real property?
Real property can be any of the following:
- Family Home
Essentially, real proper will be personal property, benefits, and intangible property. The common items are listed above.
Do not forget about the debts and liabilities. These will also either be assigned or divided amongst you two as well.
Fault Will Not be Considered
The starting point for every property settlement agreement will also be equal division. But then the court will look to see what situation both spouses are in. This is where the shift to one party or the shift the other party will begin.
For instance, if one spouse is getting custody of the children and they do not have all the financial resources, because they were a stay at home parent throughout the marriage, then the court may award them more community property over the other party.
You should also keep in mind that the court of Nevada will NEVER give you more community property because your partner had an affair or was ultimately the cause of a failed marriage. The court can ONLY distribute the community property the way they see fit based on several factors, which is more economical rather than morally like you would think.
Alimony Will be Determined Separately
If you are entitled to receive alimony from your divorce, you should know that alimony is not a way to punish your partner. It is not being paid because they are at fault either.
Alimony will be strictly a bridge to help burden the financial gap that you will be going through after your divorce is finalized.
You will also want to keep in mind that the determination of if you will or will not get alimony will not be in the property division process. This is in another process that you will be going through as you are going through your divorce.