Experienced Divorce Lawyers: Dividing Property In An Indiana Divorce
Dividing marital property can be one of the most stressful aspects of the divorce process. In Indiana, the laws require that marital property be divided equitably so that it is fair for each spouse. However, obtaining an accurate valuation of your marital property and reaching agreements with your soon-to-be ex can be overwhelming.
At McCrea & McCrea, in Bloomington, Indiana, our divorce attorneys have over three generations of experience. They can provide you with legal guidance that will ease your anxiety by facilitating a fair assessment and valuation of your property and retirement accounts, all while protecting your rights to receive a fair distribution of your marital assets.
What Is Marital Property?
Marital property includes all assets and income that you and your spouse acquire during your marriage. This can range from your home and vehicles to bank accounts and retirement funds. In Indiana, property that is accumulated throughout your marriage is generally considered marital, regardless of whose name is on the title or who earned it. Generally, the only assets that might not be considered marital property include gifts or inheritances that are only given to one spouse.
How Is Marital Property Divided In An Indiana Divorce?
In Indiana, the court aims for an equitable distribution of marital property, which means a fair division of your assets and debts. This involves assessing the value of all marital assets, including real estate and retirement accounts. Oftentimes, divorcing couples will attempt to resolve the distribution of their property through settlement negotiations and alternative dispute resolution methods such as mediation.
How Is Real Estate Divided In A Divorce?
Every divorce scenario is unique. When it comes to deciding who gets to keep the real estate owned by the parties, including the marital home, vacation homes or investment properties, the court will consider:
- The length of the couple’s marriage
- Each spouse’s financial situation
- Each party’s respective contributions to the marriage
Options for dividing real estate can also include selling the property and dividing the proceeds. However, if one spouse gets to keep the marital home, property distribution will still be equitable. In other words, the other spouse might receive other assets to offset the value of the home. For example, the other spouse might receive a larger share of the retirement accounts.
How Are Retirement Accounts Divided In A Divorce?
Retirement accounts are also subject to division, regardless of who contributed to the account during the marriage. These will also be divided equitably. For example, each account might not be divided in half, but the accounts will be dispersed so that each party receives the same total value. A Qualified Domestic Relations Order (QDRO) is a court order that allows financial institutions and advisors to divide these funds without incurring penalties for early withdrawals.
The Importance Of Accurate Asset Valuations In A Divorce
Accurately assessing the value of your assets is critical for achieving a fair division of property in your divorce. Knowing the true value of your assets will help make sure that you receive an equitable distribution of your marital wealth. Our divorce attorneys work diligently to assess all marital assets, often consulting financial experts to provide precise valuations. This collaboration helps us understand the worth of complex assets, including a spouse’s personal business, joint investments and real estate property values. By obtaining accurate valuations, we can negotiate effectively on your behalf and help secure a fair outcome in your divorce proceedings.
How Is Marital Debt Divided In A Divorce?
Dividing marital debt in a divorce is as important as dividing assets. In Indiana, debts incurred during the marriage are typically considered joint obligations. This means both spouses are responsible for them, regardless of whose name is on the account. Unfortunately, even if one spouse accrues debt without the other’s knowledge, such as secret credit card spending, the court may still consider this a marital debt.
However, our experienced family law attorneys will fight diligently on your behalf to guard your interests. We can facilitate a fair distribution of your liabilities, particularly when debts are hidden from you. We don’t want you to be unfairly burdened with debts you did not agree to or know about.
Consult A Bloomington, Indiana, Property Division Lawyer For Free
At McCrea & McCrea, our property division lawyers offer free initial consultations and are available by appointment. To schedule an initial consultation, call us at 812-650-4425 or send us a message through our online form. We look forward to telling you more about how we can help ease the stress and anxiety of resolving your property division issues in your divorce.