Often times, the most complicated and difficult part of the divorce process is property division. As you can imagine, both parties in a divorce want to make sure they get their fair share in property and finances before the separation. Spouses can’t always agree how to divide up both their assets and their debts, however, and need the courts to help them make that decision. Most states, including Indiana, do this with equitable distribution laws. If going through a divorce, it is important to understand how exactly a court decides to divide up assets.
In order to divide up property, the first step is to determine what exactly is marital property and what belongs to each spouse individually. Generally, the rule is that all property acquired by either spouse after getting married is considered marital property. There are some exceptions to this rule, however, including inheritances and gifts given to one spouse and not both.
It gets complicated because it is often times very hard to differentiate marital property and separate property when it comes to assets one spouse had before marriage. One example of this is if each spouse deposits money earned after marriage into a savings account opened before marriage.
Like mentioned before, Indiana law uses equitable distribution of property after a couple goes through a divorce. This basically means that things are not always divided up in half, rather they are divided up how the courts deem most fair.
Once a distinction has been made between marital and separate property, the courts will then divide up the property as fair as possible. This does not always mean equal, however. The courts have the power to order an unequal division that would end up more fair based on a wide range of factors. Some of these include the following:
When filing for divorce and going through any property division disputes, it is best so seek the legal help of a skilled divorce lawyer in order to ensure the division of your property following divorce is fair. Unfairly not getting enough after a divorce can have huge financial repercussions years following the separation. Please call The Bellinger Law Office at 260-248-2214 to discuss any questions you may have about the division of marital property.