Common asset division issues in Nebraska

On Behalf of | Jan 29, 2019 | Firm News |

One of the most stressful aspects of going through a divorce in Nebraska can often relate to the process of dividing assets. Couples who have been married for many years can become financially intertwined, meaning that they have little to no sense of what counts as marital property and what does not. In addition, they commonly become financially dependent on each other, making the separation of finances difficult to transition into.

It is important that you take the time to understand how marital property law works in Nebraska, since the law can change significantly from state to state. From there, you can begin to consider how your own situation applies to these laws and take positive action.

How marital assets are divided in Nebraska

Nebraska follows the legal theory of equitable distribution, like the majority of states. This is in contrast to the legal theory of community property, which splits all marital assets 50/50 between each spouse.

The equitable distribution process seeks to gain a fair outcome for both divorcing spouses. This means that the divorce courts will take into account many different factors in order to reach a decision. These factors will likely include the contributions that each spouse made to the marriage, both financial and non-financial, as well as the earning potential of each spouse in the immediate and foreseeable future.

How can I understand the allocation of non-marital and marital property?

In general terms, any property that belonged to one of the divorcing spouses before the marriage was initiated will be considered as non-marital property. Most assets acquired during the marriage will be considered marital property, but there are exceptions. For example, if a spouse received an inheritance or a personal gift during the marriage, it will be considered theirs alone. This is also true for assets acquired through these inheritance funds.

If you are considering filing for a divorce in Nebraska, it is important that you adequately prepare for the financial implications before taking action. The more that you prepare, the more you will have under your control.