Looking out for your interests when dividing the marital estate

On Behalf of | Jun 24, 2022 | Divorce |

Divorce can have a lasting impact on your finances. Therefore, it is advisable to be fully involved in the entire process to ensure you get your fair share of what you jointly own as a couple.

The first thing you need to do is distinguish between marital and personal property.

Identifying marital assets

All the property or assets acquired or earned during the marriage are part of the marital property and are up for division. This includes retirement accounts created during the marriage.

Personal property such as assets acquired before the marriage such as gifts or an inheritance passed down to you are probably yours to keep. Usually, personal assets will not be divided upon divorce unless they were commingled with the marital assets.

The law in Nebraska: What should you get?

Nebraska is an equitable distribution state. This means that the marital estate will not necessarily be divided equally between the separating couple. Certain factors will determine how things will go, depending on the circumstances of the divorce and each spouse’s economic position.

The custody of the children may also weigh in on the portion of the marital estate each spouse is likely to get.

What should you look out for during property division?

Watch out for any hidden or undervalued assets. Concealed assets will shortchange you since they may not be regarded to be part of the marital estate. It is advisable to flag any suspicious transactions in the months or days preceding the divorce.

Lastly, it is crucial to learn more about property division laws in your state. Having the necessary information will help you protect your interests and ensure you get what you deserve when it’s all said and done.