ASSET DIVISION ATTORNEYS IN OMAHA, NEBRASKA

When most couples go through a divorce, they’re often faced with the difficult decision of how to address the division of assets and answer the overriding question of “who gets what".

In Nebraska, marital property is divided using the principle of "equitable distribution." This means that assets and debts acquired during the marriage will be divided fairly between both spouses, but not necessarily equally. While there are no easy answers here, an experienced family law attorney can advise you on your options and help you receive your fair share of your marital assets. 

At Abrahamson Law Office, we understand that dividing assets during a divorce can be challenging and emotionally taxing. Since asset division requires careful consideration and strategic planning, it's important to consult with an experienced family law attorney to help you reach a fair solution.

Located in Omaha, Nebraska, our firm serves clients throughout Sarpy County, Douglas County, Washington County, Saunders County (Wahoo), Otoe County (Nebraska City), and Dodge County (Fremont).

Understanding Marital vs. Non-Marital Property

Nebraska follows the equitable distribution model when it comes to asset division. This means that marital property (assets acquired during the marriage) is subject to division, while non-marital property (including assets owned prior to the marriage or received as a gift or inheritance) is not.

However, equitable does not always mean equal. When determining how to divide marital assets, the court takes into consideration several factors, including each spouse's contribution to the marriage (both financial and non-financial), their earning potential, and their individual needs post-divorce.

During divorce proceedings, it is essential to consider what types of property are considered marital property and which are considered separate (non-marital) property.

Types of Marital Property

• Real estate: This encompasses the family home, rental properties, or any other property purchased during the marriage.

• Bank accounts and investments: This includes all bank accounts, retirement funds, stocks, and bonds. Nebraska law recognizes the importance of these financial resources and how they contribute to each party's future well-being.

• Personal property: This includes personal belongings such as furniture, vehicles, electronics, and collectibles.

• Business interests: If you or your spouse own a business, it is crucial to determine its value and how it will be divided.

Types of Separate Property

• Inheritance: In most cases, assets acquired through inheritance are considered separate property and not subject to division. However, if the inherited funds were used for marital expenses or contributed to a joint asset, they may be treated as marital property.

• Gifts: Gifts given to one spouse during the marriage may be considered separate property. However, if it can be proven that the gift was intended for both spouses, it may be included in the equitable distribution of assets.

At Abrahamson Law Office, our experienced asset division attorneys will help you carefully review all assets and debts to help you reach a fair resolution during your divorce.

Who Determines How Assets Are Divided?

In Nebraska, asset division can be decided either by the divorcing spouses or by the court. If the couple is unable to reach an agreement, the court will make a decision on their behalf.

While some couples may choose to work together to divide assets, others may require legal intervention to ensure a fair distribution. In either case, an experienced family law attorney can help protect your rights and interests during this process.

The Importance of Valuation

Determining which assets are classified as marital property is only half the battle. These assets must also be correctly valued and evaluated fairly to ensure an equitable distribution. This may require the following:

• Professional appraisals: Appraisers can provide an accurate assessment of real estate, personal property, and business interests. An objective valuation is key to minimizing disputes and ensuring fairness in the division process.

• Gathering financial documentation: Relevant financial documents, including tax returns, bank statements, investment portfolios, and any other paperwork that reflects your financial status during the marriage can help assess the value of certain marital assets.

How Can Our Firm Help?

At Abrahamson Law Office, our attorneys have extensive experience handling asset division cases. We understand that every case is unique and requires a personalized approach. Our legal team is committed to helping you achieve a fair distribution of assets during your divorce. Some of the ways we can help include:

• Understanding client goals: We take the time to listen to your concerns, priorities, and goals when it comes to asset division. This insight allows us to tailor our negotiation strategy accordingly.

• Collaborative approach: We strive to foster a cooperative atmosphere during negotiations. This collaborative approach often leads to better outcomes, as both parties can openly discuss their needs without prolonged conflict.

• Utilizing mediation: In some instances, mediation may be an effective method for resolving asset division disputes. Mediation offers an opportunity for both parties to work together with a neutral third party, ultimately arriving at a mutually agreeable settlement.

• Preparing for court hearings: If your case goes to court, we will help prepare all documentation, evidence, and witness statements to help you present a compelling case.

Asset Division FAQ

Can I keep my separate property in a divorce?

In Nebraska, separate (non-marital) property is not subject to division during divorce proceedings. However, if you have commingled these assets with marital assets or used them for joint expenses, they may be considered marital property.

How long does the asset division process take?

The asset division process can vary in duration depending on the complexity of the case and the level of cooperation between parties. Some spouses may reach an agreement quickly, while others may require more time and negotiation.

What happens if my spouse hides or undervalues assets?

In cases where you suspect your spouse of hiding or undervaluing assets, your attorney can help you conduct thorough investigations to uncover any hidden or misrepresented assets. You can also involve forensic accountants to make sure assets are accurately valued and divided.

Does fault play a role in asset division after a divorce?

Nebraska is a no-fault divorce state, meaning that the reason for the divorce typically does not affect property division. However, in some instances, evidence of marital misconduct (such as waste or dissipation of assets) may influence the court's decision on asset division.