How Is Marital Property Divided After Divorce In Nebraska?
In Nebraska, property in a divorce case is classified as marital property or non-marital property. Marital property is property accumulated during the course of the marriage and divided equally between the parties upon divorce. Non-marital property is property that was owned by one of the spouses prior to the marriage or gifted to one spouse during the marriage. Non-marital property does not get divided between the parties, but remains with the spouse that either owned it prior to marriage or received it as a gift during the marriage.
Is Nebraska A Joint Or Community Property State? What Does That Mean For My Divorce?
In community property states, property that one spouse had at the time of the divorce—whether it was owned prior to marriage or gifted during the marriage—would have to be divided with the other party; Nebraska is not a community property state. In Nebraska, there is a designation for non-marital property, which does not get divided between the parties.
What Factors Affect How Property Or Assets Are Divided In A Nebraska Divorce?
In Nebraska, assets that are accumulated during a marriage are divided equally. This means that people who were in long-term marriages are more likely to accumulate more assets than people who were in short-term marriages.
Can You Lose a Marital Home Purchased Before Marriage In Nebraska?
If someone owned property prior to marriage but decided to put that property into their spouse’s name during the marriage, then it would be jointly titled property and could arguably be divided with the spouse. Others would argue, however, that titling property in both names is done commonly in marriages and that it should not prevent the original owner of that property from getting back the property in its entirety after divorce. This is a grey area where it really depends on the circumstances of an individual case.
Are 401(k)s & IRAs Split During a Divorce?
It is common for 401(k)s or IRAs that belong to one spouse to grow in value during a marriage. Upon divorce, the asset value at the time of the marriage would go to the party who owned it prior to the marriage, but any growth that occurred during the marriage would generally be divided equally between the parties.
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For more information on Property In A Nebraska Divorce Case, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (402) 235-6070 today.
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