Legal Question in Family Law in Nevada
Separation of marital property
I have been married for 10 year. When we married, my wife had about $450 K which she put into our first home and a remodel that I designed and on which I acted as the general contractor for the construction. Since that time we have sold that property and built a new home, putting her original cash and profits from the sale of the old home into the new home. We are selling the new home and should net out with about $1.3 million. We are looking at possible divorce and need to know haow this would be divided. I believe that she should pull out her original money and then the remainder is divided 50-50. She thinks she gets her original investment, appreciation on that money, and then divide the remaining money. There was no prenuptual agreement in place and we have split the costs jointly for the expences and mortgage. We both have our own carreers and make similar money. Am I correct in assuming that she is entitled to her original investment? Am I also correct in assuming that all of the assets accumulated during the marriage are divide equally?
3 Answers from Attorneys
Re: Separation of marital property
Your analysis is correct. She would be entitled to her original investment and then you would split the rest 50/50.
Re: Separation of marital property
The law does not presume that when marital funds are used
to purchase property and that property is taken in sole title, then
the property is the separate property of the sole title holder. In a
majority of states, however, the law does presume that when
separate property is used to purchase property taken into joint
title, or when separate property is transferred into the joint
names of both spouses, the property has been gifted to the marital
estate. Under this joint title gift presumption, the party
seeking to claim that the property is still separate, despite the
change in title, has the burden of proving there was no gift to the
marital estate.
Re: Separation of marital property
NRS 125.150 states that community property can be divided unequally if there are compelling reasons. NRS 125.150 further states that if the property was held in joint tenancy, then she gets back her separate property contribution, without interest or any adjustment because of an increase in value of the property.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
