Property division in divorce can be especially complicated. During a divorce, a judge, a mediator or the parties will make decisions regarding how to divide the marital property, like the residence, the vehicle, savings accounts, and stock accounts. Reno property division divorce attorney, Gloria Petroni, is effective in negotiation or litigation of separate property disputes. She can represent either party in divorce to convince the court that certain assets are separate from the estate, or in contesting separate property status when those assets would deprive our client of a substantial chunk of their rightful distribution.
Nevada is a “community property” state. Community property is all property during the marriage by either spouse. This property will be divided equally by the court if the parties are not able to come to an agreement.
Nevada law states that the court shall dispose of any property held in joint tenancy (community property). 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: (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. (Nevada Statutes – Chapter 125./50.)
What is Separate Property vs. Community Property?
During the equitable distribution of property, it is necessary to distinguish between separate and “community” property.
Marital property is everything acquired during the marriage regardless of which spouse owns the property. In some states, marital property also includes the increase in value in separate property. Property division becomes especially complicated when retirement funds, mortgages, and marital debts are to be divided.
As you can see, compared to separate property, marital property is a very broad category. In other words, just because the asset is title only in your spouse’s name doesn’t mean you are not entitled to it, such as 401K, stock options, etc.
A qualified Reno property division divorce attorney can help you sort through all the details of your particular case. Gloria Petroni has years of experience in divorces involving separate property. Nevada marital law is complicated. Contact our office today.
To protect your separate property from marital assets, you need an experienced attorney who knows how to help you classify your assets to ensure that they are protected from division. At the Petroni Law Group we have handled a number of highly complex cases involving separate property. We are experienced in helping clients protect their financial interests as well as separate property that should not be divided in a divorce. Contact our office today at 775-420-4221 for an initial consultation.