How is Debt Divided in Divorce?

Answers from Our Las Vegas Divorce Attorneys

When most spouses think of property division, they think of the house, the cars, and the retirement funds. Debt is usually the furthest thing from anyone’s mind, but it cannot be forgotten. Nevada law is very clear that debt is considered part of the property division just as much as everything else. But how is it divided and how can you be sure that it is fair? That’s where we come in. As Las Vegas divorce lawyers, we’re here to represent our clients and do whatever we can to achieve favorable results.

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How Nevada’s Property Division Laws Affect Your Debt

Nevada is a community property state, which means that all income and property acquired during the marriage by either spouse equally belongs to both parties. The court does their best to divide this property in an equitable manner, but unfortunately, equitable doesn’t always mean fair. If you and your spouse can work together, it is perfectly acceptable to draw up a separation agreement on your own without having any of the influence of the court.

The court may consider the following aspects when dividing debt:

  • The length of the marriage
  • Whether children are involved
  • Each spouse’s behavior during the marriage
  • Ability to earn a monthly income after the divorce
  • Each spouse’s financial contribution during the marriage

Debt is considered separate property if either spouse acquired it before the marriage, such as student loans from college. The court first classifies the debt as marital or separate, assigns a monetary value to it, and then distributes the marital debt between both spouses.

The process of debt division can feel very unfair, especially if you know that you did not have a hand in acquiring a certain portion of it. We understand your concerns and can create a strategy to effectively address them either in court or personally with your spouse. You should not be saddled with unnecessary debt – trust Gordon Law Firm to protect your rights.

Contact our Las Vegas divorce lawyers before your divorce proceedings get underway!

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