How is Property Divided in an Indiana Divorce?

How is Property Divided in an Indiana Divorce?

Divorce is often an emotionally taxing journey that generate significant uncertainty in your life. One of the biggest challenges couples face is dividing marital property. Understanding how assets are distributed during a divorce in Indiana is crucial for anyone going through this life-changing process. At Worthley Law LLC, we recognize the impact that these decisions can have on your future. Our seasoned legal team is here to prepare you for the property division process. 

Understanding Marital vs. Separate Property

One of the first steps in the property division process is distinguishing between marital and separate property. In Indiana, marital property includes all assets acquired by either spouse during the marriage. This can include real estate, vehicles, bank accounts and retirement funds. Separate property, on the other hand, refers to assets acquired before the marriage or those received as gifts or inheritance during the marriage, provided they have been kept separate from marital assets. Understanding this distinction is vital, as it lays the groundwork for fair distribution.

Principles of Equitable Distribution

Indiana follows the principle of equitable distribution, which means that marital property is divided fairly, though not necessarily equally. Unlike community property states where assets are split 50/50, Indiana courts strive to divide property in a manner deemed fair and just, considering the unique circumstances of each case. This equitable approach allows for flexibility so that both parties receive a share that reflects their contributions and needs.

Factors Considered by Indiana Courts

When determining how to divide marital property, Indiana courts consider several factors to seek a fair distribution. These include:

• Contributions to the Marriage: This involves evaluating both financial and non-financial contributions, such as homemaking and child-rearing responsibilities.
• Economic Circumstances: The court assesses the current and future economic situation of each spouse, taking into account their earning potential and financial needs.
• Prenuptial Agreements: If a prenuptial agreement exists, its terms may significantly influence property division, provided it is deemed valid and enforceable.
• Dissipation of Assets: Any evidence that one spouse has squandered marital assets can impact the division process.
• Health and Age of Each Spouse: The court may consider the health and age of the spouses, especially if they affect earning capacity or financial needs.

How Worthley Law LLC Can Assist

At Worthley Law LLC, our family law attorneys are committed to advocating for your rights and interests. We provide personalized strategies to help our clients seek a fair share of the marital estate. Our team is capable at negotiating favorable settlements and, if necessary, representing your case in court to secure an equitable outcome.

Call Our Attorneys Today

Understanding how property is divided during a divorce in Indiana is essential for protecting your financial future. By distinguishing between marital and separate property, grasping the principles of equitable distribution and considering the factors evaluated by courts, you can better prepare for the challenges ahead. At Worthley Law LLC, we encourage individuals to gather comprehensive financial documentation and seek legal counsel early in the process. If you are ready to get started, contact us for a consultation.