Nebraska Property Division Factors
In Nebraska, the property and debt issues are typically settled between the parties by a signed Marital Settlement Agreement or the property award is actually order and decreed by the District Court within the Decree of Dissolution of Marriage.
Nebraska is referred to as an "equitable distribution" state. When the parties are unable to reach a settlement, the District Court will take the following approach to dividing the assets; First, it will go through a discovery process to classify which property and debt is to be considered marital. Next, it will assign a monetary value on the marital property and debt. Last, it will distribute the marital assets between the two parties in an equitable fashion. Equitable does not mean equal, but rather what is deemed by the District Court to be fair.
The following factors will be considered by the court when making a property award: the contribution each spouse had to acquiring the marital property; the current and future economic status of the spouses; the amount of time the spouses have been married; and the child custody arrangements if the spouses have minor children. (Nebraska Statutes - Chapter 42 - Sections: 365)
Since Nebraska is an "Equitable Distribution" state, all marital property will be divided in an equitable fashion according to the court unless agreed to otherwise by the divorcing spouses. What does "equitable" mean? Equitable can be defined as "what is fair, not necessarily equal." To automatically believe the marital property would be divided 50-50 would be a wrong assumption in any equitable distribution state. You can also read more about Nebraska property division in the Nebraska state statutes located at: http://www.legislature.ne.gov/.
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