If you’ve filed for divorce, you are likely wondering what will happen to the assets you and your spouse have acquired over the years. Property division is often considered to be one of the hardest parts of the divroce process, particularly when spouses do not agree on who gets what. In this situation, the court will have to decide. Since Indiana is an equitable property division state, the court divides assets according to what the judge determines is most far rather than an equal 50/50 split.
The Bellinger Law Office explores the ways that property can be divided in an Indiana divorce. Our family law attorneys are ready to help you, so call us for advice regarding your case.
The first step to the property division process is to determine what assets are considered marital and which are separate. Marital property is that which the spouses aquired over the course of the marriage. If the assets were acquired after the marriage, they are considered to be separate property. There are a few exceptions to this, however, such as inheritances that were left to a specific spouse and gifts.
Even though assets obtained prior to the marriage are considered separate property, it’s often difficult to distinguish marital and separate property since many couples combine the two when they share lives together. For instance, both spouses might have deposited money earned during the marriage into a bank account that existed before the marriage. Therefore, the court will divide these assets in the manner that they determine is most fair.
After the court has decided what is marital and separate property, it will divide these assets equitably. Unlike common misconception, equitable distribution does not always mean equally. One spouse may claim a larger share of the property, and the court will review the claim to decide if an unequal distribution is fair based on a few factors:
In certain cases, the court may also examine each spouse’s tax implications when dividing the property. For example, if there is very little property to divide, or if one spouse made a large financial contribution to the other party’s education, the court might request a monetary reimbursement to the spouse who contributed.
A divorce can have long-lasting impacts on your financial health if you don’t leave with enough property. It is vital for an individual who is divorcing to secure enough assets as financial support, and doing so is possible with the help of an experienced Indiana divorce lawyer. Contact the skilled team at The Bellinger Law Office today if you are considering a divorce. We can provide information regarding your case at a consultation.