Division of Marital Property: How to Get What’s Yours
No one ever said divorce was easy. When you marry, you don’t expect that your marriage will fall apart. Unfortunately, not all couples are meant to be together forever.
This can become apparent when it’s time to part ways and you find that you’re having difficulty reaching an agreement regarding child custody, child support, alimony, and, of course, the division of your property, debts, and assets.
It’s important that you try to resolve these points of contention before the courts have to decide for you. Otherwise, you will have no control over the outcome. Below, we discuss how Indiana law dictates your marital property be divided, and how you can come to a resolution with your soon-to-be former spouse.
Division of Marital Assets in Indiana
Indiana law is quite clear: if there is no valid prenuptial agreement, all marital property should be divided fifty-fifty. Although this might seem like a reasonable way to distribute your assets and debts, in many cases, one spouse contributed more assets and property to the marriage, and they should be entitled to those contributions.
Your attorney can review your net worth and assets to determine which property is considered marital, and which you brought into the marriage. This might include certain physical properties, inheritance, any savings you had before the marriage, stocks, bonds, and other relevant assets as they apply to your case. This process ensures that you walk away with what is rightfully yours.
You will also need to ensure that you are protected from being found responsible for any debts your spouse might’ve accrued prior to your marriage. Otherwise, you could be stuck paying off debts that were never yours.
Mediation Could Help Your Family Move Forward
The best way to ensure that you don’t get taken advantage of is to resolve the issues of your impending divorce together before the decision is taken out of your hands and left for the courts to decide. In these cases, it’s likely that the court will simply divide your assets in half without looking at what was owned prior to the marriage.
You and your former spouse can attend mediation together to work through these conflicts. In mediation, the mediator will listen to both sides, reasoning and making helpful suggestions, so that you can come to an arrangement on your own.
For example, let’s say you came into the marriage with a sizable inheritance. You can request that you retain your inheritance, and in exchange, your former spouse can retain the home you both purchased for your family. In any case, your lawyer will work diligently to get the property and assets that are rightfully yours.
Speak to an Indiana Divorce Lawyer
Don’t let yourself get stuck with less than you deserve. Work with an experienced Indiana divorce lawyer at Rowdy G. Williams Law Firm, who can help you secure the property and assets you’re entitled to. To schedule an initial consultation, call our office at 812-232-7400 or fill out the brief contact form included at the bottom of this page.