If you’re preparing to go through a divorce in Indiana, it’s important to understand the state’s laws surrounding asset division. While a divorce involves many matters that often lead to tension between the two divorcing parties, negotiating the division of assets can often bring out the worst side of people who find themselves in an already stressful situation. If you know more about the state’s asset division laws, you can better prepare yourself for the process.
Dividing assets in Indiana is different
Indiana is known as an equitable distribution state rather than a community property state. While most equitable distribution states will divide assets based on what’s deemed to be fair, Indiana takes the initial stance that everything should be divided equally with each spouse receiving half of the assets. The court will allow both parties to show evidence of why they believe the court should divide their assets in a different way.
It’s important to note that the court will divide all assets owned by you and your soon-to-be ex-spouse. This includes property owned before the marriage, property acquired jointly and property acquired by either party up until the day of separation. The judge does have some discretion when it comes to inheritances or gifts, so you may have to present evidence if either of those applies in your situation.
Preparing your evidence
Having your financial documents in order can help the process of asset division go more efficiently. It’s important to provide complete information on all debts, income, assets and expenses so that you account for everything. Some assets are easy to value while others may require you to get help from an appraiser or financial expert. The judge will value an asset if you can’t agree on an amount with your ex.
A divorce can be final in much less time if both parties agree on how to divide the assets. But when there are disagreements, you’ll have to present evidence to show why you believe you’re entitled to receive the asset in question. This evidence may show when someone acquired the asset and who acquired it. Evidence related to the income-earning potential of each party and information about the behavior of each spouse during the marriage may also be relevant during asset distribution negotiations.
You’re not alone
Divorce brings about many changes, which can cause you to feel worried about the future. It’s important to know that you’re not alone when dealing with divorce matters. Indiana laws regarding asset distribution and other divorce matters can be challenging to understand. It’s helpful to remember that you can benefit from working with a family law attorney to help you navigate complicated divorce matters.