Divorce is undoubtedly a challenging time for all parties involved, and matters become even more intricate when the family home is part of the equation. In the state of Nebraska, the family home holds immense importance, making it crucial to comprehend the implications of what happens to it during a divorce.
Determining Ownership of the Family Home
To decipher the fate of the family home, it is imperative to establish its ownership. If one spouse acquired the home before the marriage took place, it is categorized as separate property and is typically retained solely by that spouse. However, if both spouses contributed to the home’s purchase or mortgage payments, it is regarded as marital property and is subject to equitable distribution between the spouses.
Equitable Division of Property
In Nebraska, the courts strive to achieve an equitable division of marital property, focusing on fairness rather than strict equality. Various factors come into play while determining a fair distribution, including the duration of the marriage, each spouse’s income and earning potential, and the contributions made by each spouse, be it through homemaking or child-rearing.
Options for the Family Home in a Nebraska Divorce
Once ownership and value are established, several choices present themselves regarding the family home:
One Spouse Keeps the Home
Should one spouse wish to retain the family home, they might be required to buy out the other spouse’s share of the equity in the property. In this scenario, the spouse who intends to keep the home must either refinance the mortgage or compensate the other spouse for their entitled percentage of the equity.
The Home is Sold and the Proceeds are Divided
If both spouses decide against keeping the home or cannot reach a consensus on its ownership, the property can be sold, and the proceeds will be distributed fairly between them. Appraisal becomes necessary to determine the home’s value, and any existing equity will be allotted according to the court’s ruling.
Co-Ownership of the Family Home
Occasionally, divorcing spouses might opt to maintain co-ownership of the property post-divorce, primarily to provide stability for their children. In this case, a comprehensive agreement must be drafted, outlining the rights and responsibilities of each spouse involved.
Conclusion
Navigating a divorce is far from easy, and matters become particularly intricate when the family home is involved. However, by being well-versed in Nebraska’s laws on property ownership and division during divorce, individuals can make informed decisions regarding the family home’s fate. Whether one spouse retains sole ownership, the property is sold, or co-ownership is established, it is vital to rely on a reputable attorney to safeguard your rights throughout the entire process.