When it comes to divorce, understanding the nuances of property division is essential. Nebraska is an equitable division state, which means that the court is required to divide property fairly, though not always equally. While a 50-50 split of marital property is common, it's not mandatory under Nebraska law. At Hathaway Law Group, P.C. L.L.O., we're here to guide you through this process so that you are armed with knowledge to make the best decisions for yourself and your future.
Understanding the distinction between marital and separate property is pivotal in Nebraska's equitable distribution process. Marital property encompasses assets acquired during the course of your marriage, regardless of which spouse primarily paid for or used the property. To illustrate, consider a husband's bank account; even if the wife isn't listed as an account holder, she may still be entitled to her marital portion of those funds.
Courts use several criteria to distinguish between marital and separate property, including:
Pre-Marital Ownership: The court evaluates whether any property was owned by either spouse before the marriage commenced.
Inherited Assets: If either spouse received assets through inheritance and when this occurred are critical factors in property division considerations.
Gifted Assets: Assets exchanged as gifts between spouses are assessed to determine their classification as marital or separate property.
Settlements and Judgments: Any assets acquired as a result of legal settlements or judgments can influence how they are categorized and divided during divorce proceedings.
Valuing marital assets and debts is a crucial step in the property division process. Our experienced team ensures that all marital assets and debts are identified, appraised or valued accurately, thus providing a solid foundation for a equitable distribution analysis. Our goal is to help you achieve a resolution that safeguards your financial interests and future.
At Hathaway Law Group, P.C. L.L.O., we represent clients in negotiations, mediations, and litigations involving various aspects of family law and marital property division, including:
Real Property: This includes homes and farmland.
Personal Property: We help you navigate the division of personal belongings.
Savings: Ensuring a fair division of savings and financial assets.
Retirement Benefits: Protecting your interests in retirement accounts.
Family-Owned Businesses: Managing the division of business assets.
Stocks: Dividing investments and stocks equitably.
Whether you are seeking alimony or being asked to pay alimony, Hathaway Law Group, P.C. L.L.O. can provide you with experienced legal counsel to obtain a fair resolution. We invite you to schedule a free consultation with our team to discuss the right path forward for your specific situation.