Divorce can be a difficult and emotional journey, and property division can be one of the most complex and challenging aspects of it. In Indiana, the court uses the principle of “equitable distribution” when dividing property during a divorce, which means that the court will normally divide the property equally (50/50). However, the court has the discretion to deviate from a 50/50 division for various reasons, such as the length of the marriage, the income and earning capacity of each spouse, the dissipation of marital assets by one of the partners during the marriage, and the needs of any children involved.
Without the knowledge and expertise of an attorney, you may not have a clear understanding of what assets and liabilities are considered marital property and are subject to division. Additionally, not properly valuing those assets and liabilities can lead to an unfair distribution. This can have long-term financial implications for both parties, delay the divorce process, and have tax implications.
Some items that a frequently missed or misvalued in dissolution are:
- Retirement Plans
- Property Valuations
- Recreational Vehicles
- Inheritance
- Brokerage Accounts
Furthermore, if your spouse has an attorney and you don’t, you may find yourself at a disadvantage when negotiating the terms of your divorce. An attorney can help you protect your rights and interests and ensure that you are getting a fair deal. Additionally, Indiana law provides some protection for spouses during property division, such as temporary spousal support and maintenance, but without an attorney, you may not be aware of these options or how to access them.
In conclusion, property division in an Indiana divorce can be a complex and challenging process. It’s important to understand that without proper representation, you may not be getting what you are entitled to. Hiring a family law attorney with expertise in property division can help you navigate the complexities of the process, protect your rights and interests, and ensure that you are receiving a fair distribution of property.
Don’t take unnecessary risks when it comes to your future, seek legal guidance to secure it. To ensure that you are getting a fair deal, contact an experienced family law attorney at Frangos Legal LLC. You can schedule a consultation by emailing us at [email protected], by telephone at 317-643-1345, or by booking online.