One of the most significant parts of any divorce concerns the division of assets, which differs by state. If you are ending your marital relationship in Nebraska, review property divorce laws here before speaking with an attorney. You’ll get a working idea of what constitutes marital and non-marital property in the Cornhusker State.

An Equitable Division State

Nebraska applies equitable division laws to divorce cases, which means property gets divided via fair actions. Only marital property becomes subject to divisions, which do not have to be equal so long as they are reasonable. In contrast, community property states divide marital property equally between parties.

Divorce laws require court-ordered divisions only when the former spouses cannot resolve property disputes themselves. Several factors determine just divisions, including the length of the marriage, what contributions the spouses made to marital property, and the current and future financial states of the individuals based on age, health, and education.

Marital fault also influences the court’s decision, such as a cheating spouse who caused their partner mental and emotional anguish. The spouse who suffered more because of infidelity or other issues, such as domestic violence, typically receives a larger amount of marital property. Other factors include minor children, as a spouse with full custody usually gets a higher percentage of the marital property for care purposes.

Marital vs. Separate Property

The state defines marital property as assets acquired by either spouse during the marriage, such as the marital home, vehicles, and commercial property. Non-marital property concerns any assets obtained outside of the marriage that belongs exclusively to one spouse, such as inherited properties and businesses, personal gifts, trusts, and pensions.

While non-marital property cannot be touched by the other party, the court may use it to determine alimony and child support payments. Nebraska courts review all marital property, determining monetary values for each.

The marital home, for example, gets valued in light of any tax liens, unpaid mortgages, and other debts against the property. Once the equity, or market value, of the property is established, the spouses can sell the home and divide the earnings.

One spouse can also buy the other out after refinancing the home or allow the custodial spouse to remain in the residence with the children until a set time, such as the last child graduating from high school. The spouse can subsequently buy their ex out or sell the home and split the proceeds. 

Review Nebraska divorce laws with Kleveland Law Offices in Lincoln to move forward with the proceedings. The law firm specializes in family law issues, including divorce, child custody, probate law, and guardianship. Call (402) 477-7776 today to schedule an appointment or learn more about divorce law services online.