Legal Question in Family Law in Nevada

Home Equity and Community Property States

My wife and I live in Nevada (community property state). I purchased our primary residence in 1998 and we were married in 2002. Does the equity increase (or decrease) in the home over the years remain my sole and seperate property in the case of divorce, or does she have a claim to the increase in equity.

Thanks,

Michael


Asked on 10/05/08, 9:25 pm

2 Answers from Attorneys
Jeffrey Cogan Jeffrey A. Cogan, Esq., Ltd.

Re: Home Equity and Community Property States

Mr. Smith's answer is not quite true. If you are not working and thus not paying down the mortgage from your earnings, you may keep the whole house. Also, if the house is paid in full when you got married, then she has no interest. Finally, in the even of a divorce, you would get reimbursed your down payments and the amount of principal that was reduced prior to marriage before the community property interest is determined.

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Answered on 10/06/08, 3:46 pm
James Smith James E. Smith Ltd.

Re: Home Equity and Community Property States

She has a communityu interest in any increase in equity since the date of marriage.

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Answered on 10/05/08, 10:03 pm


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