Strategic Solutions For Omaha Property Division

Going through a divorce involves navigating many complex issues such as child custody and spousal support. One of the most challenging aspects of divorce is property division, where you will need to divide all your assets with your spouse. Understanding how property division works in Nebraska can help spouses prepare for what’s to come and navigate their divorce more efficiently.

At Walz Law Offices, our experienced divorce attorneys can guide you through the necessary steps to protect your assets and secure a favorable property division settlement.

How Does Omaha Divide Property?

To understand how property division works in Omaha, it’s crucial to first understand the two main types of property:

• Marital property: This includes any assets acquired during the length of your marriage. It can include your family home, land, vehicles or a vacation property, but it can also be your bank accounts, furniture, jewelry or other personal items that you collected during marriage. It is important to note that the manner in which an asset is titled does not affect whether it is marital or non-martial unless there is a valid prenuptial agreement. This means that your separate bank accounts and separately titled vehicles that were acquired during the course of the marriage will be included in the marital estate.
• Separate property: This type of property is anything you have acquired prior to getting married. This can be a business you started before marriage, valuable personal property like art collections or jewelry. Separate property can also include inheritances, even if you received it during the marriage, as long as it remains separate from your spouse.
• Mixed property: Some property can be a mix of marital and non-martial interests, meaning that part of the asset may be marital property while another part may be separate property. One example of this would be a 401(k) that you had money in on the date of marriage and continued to contribute to during the marriage. Another example would be a home you owned on the date of marriage that was not paid off. The court will look for proof of the value/equity of the asset on the date of marriage and determine what portion of it is marital.

When you go through a divorce, your marital assets are eligible for division. Nebraska follows the equitable distribution method of dividing assets, which doesn’t necessarily mean equal. Instead, courts will consider various factors to reach a fair and equitable division of all marital property.

Addressing Marital Debts

In Nebraska, all debts incurred during the marriage and before the date of separation by either spouse for the joint benefit of the parties is considered marital debt. This often includes spouses’ separate credit cards. Medical expenses incurred during the marriage are also the joint debts of the parties.

The Nebraska courts have not been entirely consistent with respect to student loans incurred during the course of the marriage. Many times, student loans incurred during the marriage are excluded from the marital estate since the party incurring the loans takes all the benefits of their education with them after divorce. However, if a party can demonstrate that part of the student loan was used to support the family, the Court may find it to be marital. A party can demonstrate that student loans were incurred for the joint benefit of the party by showing how the funds were deposited and used.

With respect to premarital debts that were paid down during the marriage, payments made towards premarital debts using marital assets may be taken into account when dividing the marital estate.

What Factors Do The Courts Consider When Dividing The Marital Estate?

Property division in Nebraska is a three-step process. Step 1 is to determine which property is marital and which is non marital. Step 2 is to determine the value of the assets and liabilities, and Step 3 is to divide the net marital estate between the parties. Although there is no precise mathematical formula for dividing the marital estate, the general rule is to award a spouse one-third to one-half of the marital estate.

Nebraska courts review the following factors during the property division process:

• The length of your marriage
• The age and health conditions of each spouse
• Each spouse’s occupation and income levels
• Each spouse’s current and future earning potential
• Each spouse’s education, employability, vocational skills and job experience
• Each spouse’s contribution to the marriage
• Each spouse’s debts and liabilities
• Whether there are any children or child support obligations

These factors can impact how your marital assets will be divided. Working with a skilled property division lawyer can help you negotiate a settlement out of court or present your case fully in front of a judge to ensure you receive a fair share of your assets.

An attorney can also help you navigate any complex disputes that may arise over different assets, such as dividing the marital home, businesses or retirement accounts. Large, high-value assets can be more complicated to resolve and require thoughtful consideration to reach a satisfactory result. A divorce lawyer will prioritize your goals and protect your rights during this process.

How To Prepare For Property Division

As with any part of your divorce, preparation is key. It can help you navigate the process more smoothly and stay in control of the situation as best as you can. The following steps can help you get started:

• Gather financial documents: Bank statements, receipts and other financial documentation are crucial for assessing your financial situation and how property division may impact you. If possible, you should obtain statements showing the balances of any accounts and loans at the time of the marriage as evidence of premarital assets and debts.
• Identify and value marital assets: It’s important to make a complete list of all your marital assets and determine how much each is worth. This may involve getting professional appraisals of assets such as a business, real estate and jewelry to learn their proper value.
• Consider mediation: Property division can be a complex and often contentious process. Going to court can leave the entire decision of property division up to the judge. Instead, you may want to try mediation or other forms of alternative dispute resolution to reach a favorable settlement as these methods can give you more control and ability to negotiate a more satisfactory settlement.
• Work with a divorce attorney: A divorce attorney with experience in complex property division can help you through the process of identifying your marital assets and developing a strategy that will yield positive results.

The divorce lawyers at Walz Law Offices can help you prepare for the property division part of your divorce proceedings with the care and personalized attention you deserve.

Consult With Our Divorce Attorneys Today

If you’re going through a divorce and need assistance with the complexities of property division, we are here to help. Our Omaha property division lawyers know how to handle these types of cases and will fight to protect your assets.

Call us today at 402-998-5044 for a free consultation or send an email online.