The decision to end a marriage that you have worked so hard to build is, without a doubt, a difficult one. If things end up in a divorce, you will certainly have a ton of questions and issues to sort through. One of the most contentious issues is usually how marital property will be divided.
Every state handles property division differently. As such, it helps to understand Nebraska divorce and property division laws if divorce becomes inevitable.
So who gets what in a Nebraska divorce?
Nebraska is an equitable distribution state. Basically, this means that, in the event of a divorce, the marital property shall be divided in a manner that the court deems fair to both spouses.
Even if one party’s name is not on any property’s title or deed, the court will still consider such as asset marital property provided it was obtained during the marriage. And unless the prenup (if you have one) states otherwise, the court will have to determine how to divide marital property in a just and fair manner.
However, it is important to understand that equitable distribution does not necessarily mean equal distribution. Sometimes, the court may unequally divide marital assets if it has a valid reason for doing so. Some of the factors the court will consider when dividing marital assets include:
- Each party’s earning potential
- Child custody arrangement
- Amount of separate property owned by each party
What if you own a family business?
If you and your spouse set up a family business while in marriage, this too will be put up for division during the divorce. A small sole proprietorship business may be sold and funds shared as per Nebraska’s marital property laws. However, if it is a large corporation, then the court may oversee the division of the corporation’s shares.
Divorce is a stressful undertaking with multiple moving parts. Find out how you safeguard your rights and interests while dividing marital property in Nebraska.