One main element in any divorce is asset division. In some cases, it can even be a major point of contention. If you and your soon-to-be-ex cannot agree on who gets what in your divorce, Nebraska abides by equitable distribution laws.
What is equitable distribution?
You and your spouse have both personal property and marital property. Personal property is anything you own yourself. This includes inheritances, gifts and any assets owned solely by you before your marriage.
Marital property, on the other hand, defines all property you and your spouse acquired during your marriage. These assets might include houses, vehicles, pets, income and even debts.
Equitable distribution takes all shared marital property into consideration. So, when it comes time to split your marital assets in a divorce, Nebraska divides these assets by what is fair rather than by what is equal.
Factors that determine equitable distribution
If you and your spouse cannot come to an agreement on how to split ownership of your marital assets, a Nebraska judge will have to intervene. The judge will consider several factors when determining how to equitably distribute your marital property, including:
- The length of your marriage
- Each party’s contribution to the marital property
- Each party’s involvement with the marriage as a whole
- Each party’s financial standing
- Which party made more sacrifices in the marriage
- The number of children you have
Every couple’s situation is unique, and it’s up to the judge to decide what will benefit each party during and after divorce.
Don’t hesitate to seek help
Divorce can be a stressful, overwhelming and emotionally exhausting time in your life, which is why many individuals can benefit from the guidance of an attorney. They can determine which of your assets are marital property if you are unsure. From there, your lawyer can help you get the most out of your divorce.