Looking To Your Future After Property Division In Divorce
A central issue in many divorces is the division of marital assets. It is the fundamental legal impact of divorce, regardless of whether the couple has children or one spouse is entitled to spousal support. Splitting up possessions held in common by a married couple means that when the divorce is complete, those things – real estate, vehicles, household goods and other assets – will have new ownership in most cases. Indiana is an equitable distribution state, which means a family law judge will expect a fair division of your property that may or may not be 50-50. To ensure that your interests are protected through this process, work with an experienced divorce lawyer at Miller Sachs & Hess, PC. Former clients have thanked us for our caring, cost-effective and personalized representation.
What Matters Most To You As You Prepare To Split Up Assets?
Many couples believe they agree on an equitable division of property as they approach divorce negotiations. In practical terms, however, disagreements often arise in areas spouses had failed to consider in detail, such as division of:
- Retirement accounts
- Business assets
- Real estate other than the marital home
- Stocks, bonds and cyber-based monetary units
- Sentimental items and collectibles
- Debts
- Assets that will come in the future, such as deferred executive bonuses
Discover Resolutions That Make Sense For Your Family
Whether through settlement negotiations, mediation or trial, you and your spouse must arrive at a conclusion, or a family law judge will give you one. Beware of leaving these all-important decisions to a judge who does not know you well. You and your spouse know best what matters most. A settlement agreement that takes into account the big picture for both of you, as well as details that matter the most – such as possession of a pet or investment property – will be a settlement you should not have to take to trial.
Our experienced lawyers have guided clients through contested and uncontested divorces, military divorces, high-asset divorces, and divorces involving difficult factors such as addictions, adultery and disability. We will work to protect your rights and interests as you divide retirement accounts through qualified domestic relations orders (QDROs). We will also help you when you grapple with decisions that may or may not help your business or other investments and assets stay intact after the divorce.
Common Questions Clients Are Asking About Dividing Property And Assets
Below are direct answers to the most common questions our clients ask during this transition.
How does Indiana define marital property versus separate property in a divorce?
Most states define marital property as assets built together and separate property as individual items owned before marriage or received through inheritances. However, Indiana law does not recognize separate property and instead defines every single asset and debt of both spouses as marital property. Judges put all property into one combined pool, but they consider who brought individual assets or inheritances into the relationship when deciding how to divide the total fairly.
Is property always split 50/50 in an Indiana divorce?
Indiana law begins with the presumption that an equal 50/50 split is fair for both spouses. However, a judge can adjust this ratio after reviewing factors like each spouse’s earning power, individual financial contributions or separate inheritances. The final arrangement will reflect what the court considers a reasonable and balanced distribution for your specific situation.
How are 401(k)s, pensions and other retirement accounts divided during property division?
Courts divide retirement accounts by calculating the total value accumulated during the years of the marriage. You can split the account balance directly using transfer orders that avoid tax penalties and early withdrawal fees. Alternatively, one spouse can keep their full retirement fund while trading away another asset of equal value, such as equity in the family home.
What happens to marital debt when dividing assets?
Judges divide debts, including mortgages, vehicle loans and credit cards, alongside physical assets and financial holdings. The court assigns responsibility based on who incurred the debt, who received the benefit and each spouse’s ability to pay. Because lenders hold both original borrowers accountable, you must often refinance or pay off debts to protect your personal credit score.
How is the value of a family-owned business or commercial asset determined during a divorce?
Financial professionals evaluate a business by reviewing its income history, debts, physical equipment and market value. Once they establish a clear valuation, the court determines how to credit or divide that asset fairly. One spouse usually buys out the other spouse’s share, or both partners choose to sell the enterprise and divide the profit.
Having clear guidance early in the legal process can help you make informed choices about your finances during this time.
Get The Discussion Underway
We are here to inform, guide and advocate for you during this challenging transition in your personal and financial life. We will help you avoid accusations that you have hidden assets or help you uncover your spouse’s hidden assets, if necessary.
To schedule an initial consultation in our Crown Point law offices, call us at 219-227-4259 or reach us online. We welcome the opportunity to meet with you in our offices on U.S. 41, one mile south of U.S. 30. If coming to our offices is a hardship for you for any reason, please let us know and we will work with you on alternative arrangements, if possible.