When it comes to property division in an Indiana divorce, there are often disagreements as to how certain items should be split. Oftentimes, one of the most valuable items in a marriage is the marital home. In a best-case scenario, the couple will be amicable and can negotiate a settlement. In other cases, there is acrimony and endless disputes. Regardless of the situation, when it comes to the marital home and property division, it is important for the parties to understand their options.
There are many reasons for one spouse or the other to want to keep the marital home. It might be due to financial considerations. There could be sentimental reasons attached to it. Or if the spouses have children, the children might never have lived anywhere but the marital home and the custodial parent might want them to stay there. Having strategies to keep the marital home is vital.
The first step is to know how much the property is worth and the cost of keeping it. Getting an appraisal and determining if it is affordable are key factors. As with any property that a couple shared, a buyout is needed. Before agreeing, there should be a full accounting of exactly what it will cost as hidden expenses and fees can make it untenable.
Finding the money is the next step. After a divorce, a person’s finances are frequently in flux. Simply finding a certain amount of money — specifically to buy a residential property — might not be easy. There are ways to do it including selling certain items that have value like jewelry or an automobile. Borrowing from a bank is an alternative as is asking family members for help. For spouses who are on relatively good terms, there could be an exchange of one or more assets for another during the property division process. However, some couples will realize that it is not a financially safe investment, nor is it wise, to try to retain the family home and selling is the best choice.
Indiana is a state that follows equitable distribution property division in a divorce. This means the parties will have the property they acquired during the marriage divided in a manner that is just and reasonable. If they purchased the home and one party wants to keep it after the divorce, it is important to remember this fact. Property division can be difficult, and this is especially true with real estate. Having legal assistance can help people make informed choices.