Deciding to file for divorce is not something most people come to easily. If you have decided to move forward with this, you will likely have questions about the process and issues to understand. One of the most common issues in any Nebraska divorce is property division.
Property division is handled in different ways in each state. Here, you can learn how property division is handled in a Nebraska divorce.
Laws used to determine property division
Nebraska follows equitable division laws. This means that the property a couple has when they divorce is divided fairly. Fair does not always mean equal.
Even if one person’s name is not on the deed or title to the property, the court considers it a marital asset (if it was acquired during the marriage). The only time this rule is not followed is if there is a prenup outlining different property division guidelines.
Since “equal” isn’t always “equitable,” there are situations where the court divides marital assets unequally. Some of the factors considered when dividing marital assets include the following:
- Each person’s earning potential
- How much separate property is owned by each person
- The child custody agreement
How a family business is handled in the property division process
If you have a business with your spouse that you started while married, it is also part of the property division process. Small proprietorship businesses can be sold, and the funds split based on the state’s marital property division laws. However, the court will likely handle the share division process for larger corporations.
Nebraska’s property division laws
Divorce can be stressful and emotional. You must safeguard your right to marital assets by knowing your legal rights.