How Assets are Divided in Indiana
When starting the process of a divorce one of the first questions that you may have is how assets are divided between couples in Indiana. Indiana is an equitable property division state. This means that the court will divide assets in the state of Indiana in the way it seems most fair.
The court always begins by assuming that all property and assets are marital property and that all assets in Indiana will be divided equally. However, don’t let this alarm you and think that all your assets will just be divided equally. This is just a starting point and why it is essential for each person to have their own separate Indiana divorce attorney.
The first step in determining property assets in Indiana
With separate lawyers, the first step is to list all the assets, property owned, and debt owed. The reason for this is to make sure the dividing of all assets is deemed fair. The first thing that will be determined is which assets were acquired before and after marriage. Typically any asset purchased before marriage is listed as a separate asset and any asset listed after marriage is considered marital property. If an asset is listed as a separate asset that person will have to prove in court that this asset is a separate asset. Your Indiana divorce attorney can advise on the best way to prove which assets are separate assets and marital assets.
How assets are divided equally
Dividing assets equally doesn’t mean literally the separation of assets 50/50. This means that each spouse is entitled to the splitting of the equals as how the court views as fair. An example of this would be the family home. If the family home is valued at around $450,000 this means that one party would keep the home and the other would receive marital assets that would be equal to $450,000.
How assets can be divided unequally
With the help of your Indiana divorce lawyer, you may be able to prove to the court that some of your assets should be divided unequally. Here are some of the reasons why you may present your case to the judge as to why your marital assets should be divided unequally.
- Your spouse earns significantly more than you. A judge may decide that if you earn much less than your spouse you may receive more than 50% of the marital property.
- If a spouse can not afford the purchase of a new home. That spouse may get to keep the marital home
- The marital home may be awarded to the spouse who has primary custody of the children
- Assets may be split based on the ability of one spouse to earn income
- A spouse that has received an inheritance from a family member may argue that they are entitled to this asset as a separate asset even though it was an inheritance during the marriage
- Each spouse’s contribution to acquiring property, and whether those contributions produced income or not
How to reach an agreement
If you are going through a divorce in Indiana and you do not have a pre-up agreement, it is best that you work together as a couple to come to a fair agreement as to how all marital assets should be divided. If you can not come to an agreement a judge will make the decision for you as to how the assets should be divided equally.
Let us help you with your divorce.
At Rowdy G. Williams Law Firm we are dedicated to providing compassionate, aggressive, and experienced legal representation to all of our clients. We know the difficult path that you are about to take, but we can tell you that you will come out at the other end in a better place to achieve your goal of peace and happiness. It is our goal to be your advocate to protect you, your children, and your future.
Contact us for a free consultation, or simply give us a call at 812-232-7400. We are here to listen and provide you with the support and guidance you need.