Debt Division In Nevada.
Since we seem to be on Nevada this week, thought I would recap over the debt division there. Over the last couple days we have discussed the divorce process and the alimony process with divorce in Nevada, so here is a recap on the debt division process.
Nevada is referred to as a community property state when it comes to deb division. This says that everything gained during your time of being married, is considered to be both of the spouses, so then it is going to have to be split in a 50/50 way. The divorce courts will do their best to split the property as fair as they can in the divorce. It does help if spouses are not fighting and can go through what they want, but if they can not then the divorce court steps in. Now there will be certain things that should be considered to be a separate property in a divorce, so here is a list of what will be and be.
1. Assets that you had before you were married, now the important thing is not to commingle your assets, if it may be money into another joint account, then it can be split in the divorce.
2. Separate investments that bring in money, you had before the marriage,AGAIN, this is referred to as a separate property in a divorce as long as you have not commingled money into a joint account, then it will be split 50/50 in the divorce. If the money from the separate investment is not commingled and kept in a account with your name, then its yours in the divorce.
3. Inheritance from your family, this can also be inherited during the marriage, again do not commingle any money into a joint account........remember it is important to keep all your papers, information, everything that you have on your separate property, if things do get commingled, you can show the divorce courts, especially if it was a short marriage and looked like one spouse married for the assets. Again finding a good divorce lawyer comes into play.