I live in Nevada, and I am getting divorced, what does the law state in regards to equity in a home, I am being told I have to pay my ex 1/2 the equity in the home, but I can only borrow 80% of the value of the home
2 Answers from Attorneys
Home equity division in Nevada is governed by NRS 125.150, and case law, including the Malmquist case, which defines how to trace separate and community property interests in a home containing some value of each character.
For background, see the explanation and materials posted at http://willicklawgroup.com/property-rights-and-division/. What you will really need to evaluate your rights and obligations, however, is a full consultation with qualified counsel, preferably a family law specialist well-versed in how the law -- and math -- works in a case like yours.
Nevada is a community property state. Generally, property acquired by a married couple during their marriage is considered to be owned jointly as community property, except under special circumstances. The term "property," however, is not limited to real property, it also includes automobiles, boats, furniture, etc. Thus, the appropriate division of property is more complex than a "1/2 equity in the home" analysis. You should consult with a qualified attorney for more detailed analysis and to explore your options.
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