May 27, 2021 | Divorce, Divorce Attorney Omaha NE, Family Law

Divorce can be a psychologically and emotionally draining process. There are many decisions that divorcing couples will be faced with as the life they shared together comes to an end. Property division is one of the most contentious parts of divorce. Couples often disagree on how property should be distributed, and this may lead to a drawn-out divorce process.

Nebraska divorce property distribution laws

If divorcing parties are able to agree to a fair and reasonable property division, Nebraska courts are likely to accept this agreement for division of property in divorce. However, if couples are unable to agree on property division, the District Court will make the decision on how property will be distributed within the Judgment of Divorce.

It is important to note that Nebraska is one of the equitable distribution states. What this means is that marital property will be distributed between the spouses in a manner that the court sees as reasonable and just. The court uses various factors to determine what will be considered just and reasonable distribution of assets.

Property settlement agreement

While the division of property in Nebraska must be fair, it may not always be equal. The courts in Nebraska only get involved in the process as a last resort. Divorcing couples therefore have the opportunity to work together to determine how their property ought to be divided. This process often involves a lot of back and forth between parties. Property must be declared and divided fairly. It is advisable to hire a Nebraska family law lawyer to represent you in this process. They will ensure that your rights are protected in the division of property. Contact us to discuss your case.

If the divorcing parties are able to reach an agreement, a property settlement agreement is written and signed by both parties. This agreement details how the property will be divided once the divorce is finalized. It must be presented to the court for approval. Nebraska courts usually accept written agreements that they consider just.

If the parties are unable to reach a just compromise, then the courts will step in to divide the property.

What property is divided in a Nebraska divorce?

Nebraska law requires equitable distribution of marital property. This means that only property that belongs to the marriage will be divided. The first step to dividing property in a divorce therefore involves determining what property belongs to the marriage and what is considered non-marital property.

Nebraska law defines marital property as property that was earned or acquired during the marriage. The law defines non-marital property as property that you owned before the marriage. There are some instances when property acquired during the marriage is considered non-marital property. This includes property such as inheritance and gifts not given by the spouse.

Non-marital property also includes income or profits that you make from property that you acquired before marriage. For example, if you inherited property from your grandparents while you were married, the property will be considered non-marital. If you later decided to sell the property and used the money to buy more property, the property bought with the money from the sale will remain yours. This is as long as you register the property under your name and not along with your spouse.  It is important to establish a clear distinction between marital and non-marital property when dividing property in divorce. Your Nebraska family attorney will help you with this.

Property that is typically divided in a divorce includes real estate such as the family home, personal property such as jewelry and intangible property such as pensions, income and debts.

Factors that are considered in distribution of property

There are various factors that Nebraska courts use to determine just distribution of property. These include:

• The length of the marriage
• The contributions of the individual spouses to the marriage. This includes both monetary and non-monetary contributions. Non-monetary contributions include homemaking, child care and much more.
• Personal sacrifices made by the spouses such as if you gave up your career or postponed your education in order to raise the children or to work in your spouse’s business.
• The ability of the spouses to engage in gainful employment after the divorce is finalized without interfering with the interests of any minor children affected by the divorce.
• The best interests of minor children affected by the divorce. The court considers which parent is awarded custody. The balance of property distribution often tips in favor of this spouse.

The court’s decision on property distribution is not limited by specific numerical guidelines. The court may award a spouse 80% of the marital property if they consider this reasonable and equitable. However, courts generally award spouses a third to a half of the property in an effort to achieve equitable distribution of marital property.

If you’re facing a divorce, be sure to hire a Nebraska family law attorney to guide you through the process and ensure your rights are considered and protected. Get in touch with us to book an appointment.

Separation of Assets – Omaha, NE