Kelley's Law Blog
|Posted on December 9, 2018 at 9:30 PM|
To Wed or Not To Wed: Should You Propose Over the Holidays?
As the holidays approach and the crisp cold air moves romantic partners to consider marriage, such partners should keep in mind that the undertaking of marriage creates legal repercussions not easily escaped. Generally speaking, Nevada law treats property acquired during the course of marriage by either partner as community property that is subject to "equal disposition" in a divorce. (See, NRS 125.150(1)(b)) In addition to alteration of property ownership and eventual division, income tax considerations, depending upon the circumstances, may warrant a second look at legal marriage. In many cases, income tax liability increases with marriage such as when two working people's joint income as a married couple pushes the couple into a higher tax bracket than either partner would have been in if single.
Prior to tying the knot, contact financial and legal planners to assist in determining the best way to minimize tax liability and protect assets while you venture down love's tumultuous and joyful road of marriage.
Categories: General Missives