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Asset division and your divorce in Indiana

On Behalf of | Mar 30, 2022 | Divorce

Getting a divorce in Indiana is something you may never have thought about doing, but if you cannot stay in your marriage any longer, then it is time to consider your options. Dividing your property will be an essential part of your divorce process. How you divide your property will depend on factors such as if your spouse is willing to negotiate with you and how much property is shared marital property rather than separate.

Equitable distribution rules can make things a little trickier during your divorce, but they have a beneficial side. With equitable distribution rules in place, you and your spouse will divide property in an equitable manner. You won’t need to work out an equal division of property, which means that you can decide on what is fair on your own.

Equitable distribution recognizes the inequality in marriages

Put frankly, almost no marriage is an equal division of monetary support or effort. You may earn several thousand dollars more than your spouse annually or they may not work at all, for example. With equitable distribution rules, you’re able to assess your contributions to the marriage as well as your spouse’s contributions. Then, it’s reasonable to divide those assets in a way that is fair and just.

Remember that equitable division rules also apply to your debts. This can be very helpful if you find out that your spouse has debts that you didn’t know about, for example, because you could ask that they pay those debts off on their own rather than splitting them.

What’s good method of dividing your property?

The first thing you need to do is to decide which pieces of property are shared property and which are not. Once you know the percentage of property that you and your ex will need to divide, you can approach the division process.

For example, if you know that you’ll receive 75% of the assets and 25% will go to your ex-spouse, then that makes it easier to divide the profits from selling items. For instance, if you have $100,000 of profits from selling your home, you would keep $75,000, and your ex-spouse would get $25,000.

This is just one way to address the division of your property. There are different methods that you may want to talk about as you look into your legal options.