When couples are contemplating divorce, one of the primary concerns often revolves around the division of assets. In many cases, the financial aspects of divorce, such as splitting property, investments, and other valuables, can become contentious. Some individuals wonder whether it’s possible to divorce without splitting assets.
For those facing divorce, it's essential to understand the options available and how asset division is handled. Family law attorneys at ACW Law in Lincoln, Nebraska, have helped many clients work through these challenging situations. Let’s explore the possibility of divorcing without splitting assets and the factors that could influence this decision. Reach out today.
The Legal Requirements for Dividing Assets in Nebraska
In Nebraska, the law mandates an equitable division of marital property in a divorce. However, "equitable" doesn’t necessarily mean equal. The court divides assets based on what it deems fair, taking into account factors such as the length of the marriage, the contributions each spouse made to acquiring assets, and the financial needs of each party moving forward.
The first step in asset division is determining whether the property is marital or separate. Marital property includes assets acquired during the marriage, while separate property consists of assets owned before the marriage or inherited during it. Generally, separate property isn’t subject to division in a divorce, but marital property is.
Nebraska follows the principle of equitable distribution, meaning the court divides marital property in a way that is fair but not necessarily equal. Family law attorneys can help you understand how the court might approach the division of your assets based on your specific circumstances.
While Nebraska law requires the division of marital property, there are situations where couples may avoid splitting certain assets. For example, if both parties agree to a specific division of assets, they may be able to reach an out-of-court settlement. In such cases, the court may approve the settlement without needing to intervene in the asset division process.
Can You Avoid Splitting Assets?
It’s important to note that, while Nebraska law mandates equitable division of marital property, spouses may be able to avoid the formal splitting of assets under certain circumstances. Several factors can influence whether assets are divided during a divorce, and some couples may have the opportunity to reach an agreement without the need for division in court.
Pre-nuptial or post-nuptial agreements: If a couple has a valid pre-nuptial or post-nuptial agreement in place, the terms of that agreement may govern how assets are divided during a divorce. These agreements allow couples to specify in advance how their assets will be divided if they separate, and in some cases, may prevent the court from dividing certain property.
Agreement between spouses: If both spouses agree on how to divide their assets, they can work out an arrangement without needing the court’s involvement. This is often referred to as an uncontested divorce. In an uncontested divorce, both spouses negotiate asset division outside of court, which can avoid lengthy and costly court battles.
Separate property: As mentioned earlier, separate property that was acquired before the marriage or through inheritance typically remains with the spouse who owns it. If both spouses can clearly identify and prove that certain assets are separate property, they may be able to keep these assets out of the division process.
It’s important to understand that, even if both spouses agree on the division of assets, the court must still approve the final settlement. The court has the final say on whether the asset division is fair and legal. Reach out to your family law attorneys if you have any questions about this.
Factors That Can Affect the Division of Assets
Several factors play a significant role in determining how assets will be divided during a divorce, and while the court aims to divide assets fairly, there are no assurances regarding the final outcome. Understanding these factors can help spouses make informed decisions throughout the divorce process.
One of the primary factors is the length of the marriage. In Nebraska, the duration of the marriage can influence asset division, with longer marriages often leading to a more equal division, especially if both spouses contributed to accumulating marital property.
In shorter marriages, the court may be more inclined to award property to the spouse who originally owned it or contributed more to the acquisition of marital assets. Another important consideration is the contributions both spouses made to the marriage, including financial and non-financial contributions.
If one spouse stayed home to care for children or manage the household while the other worked, these non-financial contributions will still be taken into account during the asset division process. The court also evaluates the economic circumstances of each spouse.
If one spouse is in a more advantageous financial position, the court may decide that the other spouse should receive a larger share of the marital assets to help maintain financial stability after the divorce. Additionally, the dissipation of assets can play a role in the division of property.
If one spouse has intentionally wasted or dissipated marital assets—such as spending large sums of money or hiding assets before the divorce—the court may factor that into the division, potentially resulting in a more favorable outcome for the spouse who didn’t engage in this behavior.
These various factors are crucial in determining how marital property is divided. Understanding them can help spouses make informed decisions and avoid unnecessary conflict.
How to Keep Assets Separate in Divorce
If your goal is to avoid splitting assets during a divorce, there are several steps you can take to protect your assets before, during, and after your marriage. Family law attorneys can help guide you through the process and provide advice on how to protect your financial interests.
Pre-nuptial agreements: As mentioned earlier, one of the most effective ways to keep assets separate during a divorce is by having a pre-nuptial agreement. This legal contract allows couples to define which assets are considered separate property and how they will be divided in the event of a divorce.
Post-nuptial agreements: If you didn’t have a pre-nuptial agreement but want to protect certain assets, a post-nuptial agreement can achieve the same result. A post-nuptial agreement is signed after the marriage and can define how assets will be divided if the marriage ends.
Keep separate property separate: Another way to avoid splitting assets in a divorce is to keep separate property separate. This means not commingling assets (such as putting both spouses’ names on the title to a property) and maintaining clear records showing which assets belong to each spouse.
Proper documentation: It’s also important to keep detailed records of all assets, particularly those considered separate property. This documentation can help prevent misunderstandings and disputes during the divorce process. Family law attorneys can assist you in gathering and organizing this information.
By taking these precautions and having the right legal protections in place, you can increase the likelihood that your assets will remain separate and protected during a divorce. A skilled family law attorney at ACW Law can help you with these precautions.
When Divorce Is Inevitable
Sometimes, even with pre-nuptial agreements or other legal protections in place, divorce becomes inevitable. If you find yourself in this situation, where divorce is the recommended option for your future, working with family law attorneys is essential.
A lawyer can guide you through the asset division process, making sure that your rights are protected and that property division is as fair as possible. They'll help you with the legal requirements of asset division, advocate for your interests, and assist in negotiating an equitable solution.
If property division becomes contentious, an attorney can also help with asset valuation, making sure that everything is accounted for accurately. Additionally, if you're entitled to spousal support or alimony, your attorney will work with you to determine the appropriate amount and make sure it’s included in your divorce settlement.
While divorce may be the only option for some, having the right legal support is crucial for protecting your assets and achieving a fair outcome. This is why choosing experienced family law attorneys is important.
Call ACW Law Today
Divorcing without splitting assets is a possibility under certain circumstances, but it requires careful planning, legal agreements, and consideration of Nebraska’s asset division laws. Couples in Lincoln, Nebraska, and throughout Lancaster County, Gage County, Saline County, Seward County, Otoe County, Cass County, and Saunders County who are concerned about asset division should consult with experienced family law attorneys. Whether through pre-nuptial agreements, mediation, or other strategies, understanding your options is key. Call ACW Law today.
