Divorce can be a challenging and emotional process, especially when it comes to dividing assets. In the state of Indiana, asset division follows specific rules and guidelines.
Learning those rules and guidelines can help you know what to expect.
Equitable distribution
Indiana follows the equitable distribution principle when dividing marital assets. This principle means that your marital assets will be divided fairly. It is worth noting that this is not always equal.
Several factors are considered to determine fair asset division. These factors include how long you were married, each person’s contribution and financial situation.
Marital vs. non-marital property
Before dividing assets, it is necessary to separate marital and non-marital property.
Marital property includes assets you acquired while married. Non-marital property includes assets you had before your marriage or received through an inheritance or as a gift, so long as those haven’t been combined with marital property.
Non-marital property is typically not subject to division.
Valuing marital assets
To divide assets fairly, it’s essential to determine their value accurately. This includes assessing the worth of assets like homes, vehicles, retirement accounts and investments. Accurate valuation ensures a fair division of assets.
Debt division
Asset division isn’t limited to assets alone; it also includes the division of marital debts. Both spouses may be responsible for shared debts acquired during the marriage. Creating a plan for debt division is crucial to avoid future financial complications.
Understanding asset division is essential to knowing what to expect during your divorce. It is wise to consult a professional to ensure you receive a fair portion of your marital assets.
