From personal belongings to major assets like real estate, savings accounts and investments, you and your future ex-spouse may have many concerns about how the court may divide property after your divorce.
In fact, Indiana law differs from many other U.S. states in that it does not recognize a distinction between separate and marital property between spouses.
That means that both assets owned before your marriage and property either of you acquired during marriage belong to one marital pot. Upon divorce, this ‘marital pot’ may be subject to fair division under state law.
1. Will the court divide assets equally?
Generally, the court tries to distribute property in a way that is just and reasonable. While that may mean a fairly equal division, there are many factors that may lead to a judge awarding a greater portion of the marital estate to either you or your future ex.
2. How does a judge determine a fair division?
A judge’s division of property may not be 50/50. Factors that may affect the court’s decision include:
- Whether you or your spouse acquired certain property before marriage, through inheritance, or as a personal gift
- The contributions that you and your future ex made to the household, including non-economic support
- Which parent will have primary custody of shared children
- The educational background and earning potential of both yourself and your spouse
3. What if you and your spouse agree on dividing assets?
You and your spouse may be able to pursue divorce out of court if you can generally agree on how to separate property. However, handling your divorce solo may lead to quick decisions in the present that lead to unintended consequences later. Before making any hard choices, you may want to explore both your rights and your options.