Indianapolis Property Division Attorneys

How Marital Property Is Distributed

The state of Indiana uses the principle of equitable distribution in dividing up marital property. This does not mean that marital assets must be evenly divided on 50/50 basis. It’s possible that may be the outcome. It may even be the starting point for discussions. But it is not legally necessary that a settlement be equal—only that it be equitable. The latter term is more intangible, subject to discretion on the part of a judge in the event a divorce case goes to litigation.

Judges can consider a wide range of factors that can impact equitability. If there is a circumstance where one spouse owned an abnormally large amount of separate property, it’s possible that the other spouse may get a higher than normal share of the marital property. A child custody agreement that determines where children will live may have ripple effects into the property division by determining who gets the house. If one spouse acted irresponsibly and wasted assets, that could have an impact on the final settlement.

All of these and more are possible issues that can affect property division. Spouses need to know that their attorney is on top of all the details and has their back in negotiations and—if necessary—in court. 

Property Division Process in Indiana

The property division process can be intricate, especially when significant assets are involved. Indiana courts follow a methodical process to ensure fair outcomes. The process typically includes the following steps:

• Identify marital and separate property: The first step is deciding which assets are considered marital property and which are separate. Marital property includes anything obtained during the marriage, while separate property refers to assets owned prior to the marriage or obtained through inheritance or gift.
• Valuation of assets: After identifying the assets, the next step is assigning a value to each. This can require professional appraisals, especially for real estate, businesses, or unique assets like art or jewelry.
• Assess financial needs and contributions: Indiana courts consider each spouse's contributions to the marriage, including non-financial contributions such as homemaking or childcare. The court will also evaluate the economic circumstances of both parties, including earning capacity and future financial prospects.
• Consider the length of the marriage: The duration of the marriage plays a role in how property is divided. Longer marriages may result in more equitable distributions of assets, while shorter marriages might lead to a closer assessment of individual contributions.
• Review the tax implications: Property division can have significant tax consequences. Retirement accounts and other tax-deferred assets require careful consideration to avoid financial penalties. The court will consider these implications when deciding on property distribution.
• Review any prenuptial or postnuptial agreements: If a valid prenuptial or postnuptial agreement exists, it can significantly affect how property is divided. These agreements can dictate how certain assets are distributed, overriding Indiana’s default property division laws.
• Negotiate or litigate the property division: Ideally, both parties can achieve an agreement on how to divide their property. However, when spouses cannot agree, the case may go to trial, where a judge will make the final decision based on Indiana’s equitable distribution guidelines.

Contact Our Property Division Lawyer in Indianapolis Today

Navigating the division of marital property in Indiana demands a comprehensive understanding of the legal process and a keen eye for detail. Every step is critical to securing a fair and favorable outcome, from determining the value of assets to ensuring hidden assets are brought to light. Having an experienced Indianapolis property division attorney is essential in protecting your financial interests, ensuring your rights are maintained, and advocating for a fair division of assets.

For experienced guidance in your dissolution of marriage, speak with our seasoned Indianapolis property division lawyer from Law Offices of Eugene Mogilevsky. Call us at (317) 743-7958 or complete our online form.