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Property division does not need to be evenly split

On Behalf of | Nov 24, 2018 | Divorce And Family Law Issues |

If you are considering divorce in Nebraska, you may be assuming that everything is automatically split down the middle, fifty-fifty. However, unlike the movies lead you to believe, that is not the way it works in most states. At Monzón, Guerra & Chipman, Attorneys At Law, our experienced team focuses on obtaining the best outcome for you.

According to FindLaw, when it comes to property laws, Nebraska is an equitable distribution state. Whereas community property states split assets down the middle, Nebraska courts divide property in a manner they consider fair. An in-depth discovery process uncovers which property, assets and debt are considered marital property and which are not.

Non-marital property is anything acquired before the wedding date, from pension proceeds and inheritance to personal gifts and court awards. With regard to inheritance, it is not only the actual bequest, but it is also anything purchased with proceeds if it was in cash or converted to cash.

When dividing property, the courts consider the means of each party, such as whether one spouse has a career while the other stayed home. Contribution to the relationship by each party weighs in, as does earning potential. In the event there are young children involved, the court adds their needs and quality of life to the equation. 

A divorce can significantly impact financial and parental rights, and it is critical to work for the best arrangement. Modification of the original court decree is possible if circumstances change. Visit our webpage for more information on this topic.