Dealing with a divorce is an emotionally-charged journey that often involves disputes over the division of marital property. In Indiana, the division of marital property follows the principle of equitable distribution, which means that property is divided fairly, although not necessarily equally. In this comprehensive guide, we will delve into the intricate process of securing your fair share of marital property in an Indiana divorce.
Understanding Marital Property in Indiana
In Indiana, marital property is defined as any property acquired during the marriage, regardless of its title. This inclusive definition encompasses real estate, personal property, retirement accounts, and various other assets. It is important, however, to note that any property acquired before the marriage, through inheritance, or as a gift, is considered separate property and is exempt from the division of marital property.
Factors Considered in Equitable Distribution
Indiana law mandates that the courts take several factors into consideration when dividing marital property. These factors include:
Contribution of Each Spouse
Courts meticulously assess the contribution of each spouse to the acquisition and preservation of marital property. Financial contributions, such as income and investments, are considered, along with non-financial contributions like managing the household or raising children.
Length of the Marriage
The duration of the marriage plays a pivotal role in the division of marital property. As a general rule, the longer the marriage, the higher the likelihood of equal division of property.
Value of the Property
The value of the marital property is a crucial aspect taken into account. This evaluation encompasses not only the assets themselves but also any associated debts.
Future Earning Potential
The future earning potential of each spouse may also be factored in. For example, if one spouse possesses significantly higher earning potential, they might receive a smaller percentage of the marital property.
Health and Age of Each Spouse
The health and age of each spouse can be significant considerations. For instance, if one spouse incurs substantial medical expenses, they may be entitled to a larger portion of the marital property.
Tax Consequences
Lastly, the tax consequences resulting from the division of property are also considered. Suppose one spouse would bear a significant tax burden due to the reception of certain assets. In that case, the distribution of assets may be adjusted accordingly.
Negotiating a Fair Division of Property
To ensure a fair division of marital property, it is essential to engage the services of an experienced divorce attorney. Your attorney will assist you in evaluating the value of each asset and negotiating with your spouse’s attorney. In some instances, mediation can prove to be an effective method for reaching an agreement that satisfies both parties.
Evaluating the Value of Assets
A fair division of marital property necessitates a thorough assessment of the value of each asset. Evaluating real estate, personal property, retirement accounts, and other assets is crucial to establish an equitable distribution.
Collaborating with Your Spouse’s Attorney
In many cases, it is possible to negotiate a fair division of property without resorting to litigation. This often involves working collaboratively with your spouse’s attorney to reach an agreement that benefits both parties. Nonetheless, it is vital to have a skilled divorce attorney by your side to protect your interests throughout the negotiation process.
Mediation
Mediation presents another alternative for achieving a fair division of marital property. During mediation, a neutral third party aids in facilitating an agreement between both parties. Mediation can be an effective tool for resolving disputes and reaching a fair division of property, all while circumventing the financial strain and emotional toll of courtroom battles.
Conclusion
Navigating a divorce can be an arduous journey. However, by partnering with an experienced divorce attorney and comprehending the factors considered in the division of marital property in Indiana, you can ensure that you receive an equitable share of your assets. By negotiating a fair division of property, you can confidently embark on the next chapter of your life with financial security.