High Asset Divorce Lawyer Lincoln, NE

Divorce can be one of the most challenging experiences anyone can go through. Spouses who are parting ways not only have to deal with the legal process of ending their marriage, but they have to come to terms emotionally with the ending of their relationship. In the state of Nebraska, marital and nonmarital property are considerations in divorce proceedings, particularly those with high assets and family businesses. Division of property is governed by state law, and Nebraska follows what is referred to as equitable distribution. If you have questions or concerns about how your assets and debts will get divided during divorce, then contact our Lincoln, NE high asset divorce lawyer today. Our team at GordenLaw, LLC can consult with you and protect your best interests as divorce moves forward.

Equitable Distribution

Generally, the courts try to divide net marital estate close to 50/50, however do not confuse the term equitable with equal. In fact, Nebraska law allows courts the discretion to give one party as much as 2/3 of the total net marital estate or as little as 1/3 depending on certain factors. Marital property includes property that has been acquired during the marriage. There are some exceptions to this rule, such as one spouse receiving inheritance or being gifted property from outside the marriage. Gifted or inherited property can be set aside and kept to the spouse it was given to provided that what was received was not combined within the marital estate and did not have any active appreciation. Nonmarital debts and property, also called separate property/debts, entails assets and debts that were owned by a spouse prior to the marriage or it was acquired as an inheritance or gift during the marriage and kept apart from marital assets.

Classification Of Assets

An important aspect of property division is asset classification. As our knowledgeable high asset divorce attorney explains, Nebraska abides by the principle of equitable distribution. Marital property is to be divided fairly, but that does not mean equally. Some key elements of asset classification include commingling and valuation. Commingling is when separate and marital property is mixed, making it difficult to distinguish between the two. Nonmarital property that gets commingled with marital assets could lose its status as separate. The court may assess factors such as documentation, intent, and extent of commingling. Valuation of assets means that assets are given a monetary value, and is essential for equitable distribution.

GordenLaw, LLC

Our team knows that divorce can cause immense anxiety and frustration for all parties. We do everything we can to see that high asset divorces are fair and that our clients are protected from being taken advantage of at this time. Let us help you protect your highest valued assets amidst uncertainty. Our NE high asset divorce attorney is ready to work with you on your divorce case today. Please contact GordenLaw, LLC to book a consultation for your next convenience.