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.
Fill out a free case evaluation today to get started.
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
Contact our Las Vegas divorce lawyers before your divorce proceedings get underway!