Dealing with the division of assets in a divorce may not be thrilling, but it is something that you will have to deal with at some point during the divorce process.
Nebraska divorce courts have a reasonably straightforward way of handling property division, treating assets and debts in the same way if the asset was acquired and the debt was incurred during the marriage.
Why you should consider settling your case outside of court
Nebraska courts strongly encourage divorcing parties to reach property settlements amicably. If you cannot settle, the court will order the equitable distribution of all debts and assets, which attempts to be fair but is not necessarily 50/50.
The courts will consider certain factors at the time of dividing assets. These factors include:
- How long the couple has been married
- Each person’s income and earnings
- Whether one spouse supported the other by remaining at home with the children so the other spouse could further their education or career
- Other contributions made by each party to the marriage
Some of these factors are subjective. Thus, if you desire more control over the decision-making process in dividing your marital assets, it can be wise to make decisions together outside of court. You can also work with an attorney, financial professional, or mediator.
Separate assets and prenuptial agreements
It is important to emphasize that anything you acquire before marriage is separate and will not be subject to equitable distribution laws. The same is true for an inheritance or a gift explicitly given to one individual. Another important reminder is that a valid prenuptial agreement will precede equitable distribution laws in Nebraska.
Regardless of how your case plays out, understanding the fundamental aspects of the division of assets in your divorce can help you manage expectations and prepare for your future.
