The electromagnetic form factors GE and GM of the proton and neutron in the timelike region are extracted in a study of the processes e+e− → \( \overline{p}p \) and e+e− → \( \overline{n}n \) . The reaction amplitude is evaluated within the distorted wave Born approximation, with the interaction of the antinucleon-nucleon \( \left(\overline{N}N\right) \) pair taken into account. The latter is constructed within SU(3) chiral effective field theory up to next-to-leading order. An excellent description of the e+e− → \( \overline{N}N \) data in the energy region from the \( \overline{N}N \) threshold up to center-of-mass energies Ecm = 2.2 GeV is achieved. Results for the electromagnetic form factors GE, GM, GE/GM, and the subtracted effective form factors, Gosc, are provided. These can be helpful for further studies of the properties of the nucleons.