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How are Marital Property and Separate Property Handled in an Indiana Divorce?

Are you headed for divorce in Indiana and wondering how your property and your debt will be split between you and your ex? If so, you would not be the first spouse to be concerned about these issues. In fact, there are some couples that avoid divorce strictly because of the financials. 

Dividing property can be a formidable challenge. Almost 50% of all marriages in the United States do not last, and in fact result in divorce. There are many reasons for this, and financials are a huge contributing factor. 

Divorce can be expensive, and so the decision to stay married despite issues can be in large part because it is just too costly to dissolve a marriage. These financial problems can just as likely be why staying in a marriage is not going to work.

According to one study published in the American Psychological Association, finances ranked in the top five reasons for divorce. The study showed that 36.7% of the participants said that financial reasons were what led to their divorce.

How is Marital Property and Debt Divided When Divorce Takes Place?

Dividing up both debt and marital assets is a necessary part of the divorce process. It has to be done. In Indiana, the division of these items must be equitable, not equal. So you are not likely to just draw a line down the middle of everything and call it a day. 

Instead, there will be property that is considered shared and individual. The same goes for debt. Depending on a couple’s married situation, there is also a determination of how to divide up assets and debt.

In some cases, divorcing couples can work together and come to a mutually agreeable conclusion as to how to divide up property and financial obligations. This is the best scenario and can help a divorce come to a conclusion more quickly and with less stress. Other times, there may be much contention and the process can be more complicated or drawn out. 

A mediator or an Indiana divorce attorney can be a valuable asset to couples struggling to resolve their issues. However, even when there are opportunities to stay out of court and finalize financials, there are also couples who just cannot see eye-to-eye. For these individuals there will be a day in court and a judge to decide the fate of their assets and debts.

Typically, marital property is that which was accumulated by a couple during the marriage. Other property that a person may bring into a marriage is considered separate from the marriage. However, depending on the circumstances of the divorce, and especially if the case goes to court, a judge may consider both marital property and separate property in their decision, if it seems fair given the details of the split. This means that both types of property could be divided up amongst divorcing couples.

Speak to an Indiana Divorce Attorney Today

It is important that the final outcome of your divorce is fair and in your best interests. Keeping what is rightfully yours is imperative. Christopher L. Arrington is an Indiana divorce attorney who will advocate on your behalf so that you get the results you deserve when your divorce is finalized. 

To learn more about how to maximize your settlement, call the Danville family law attorney Christopher L. Arrington today at (317) 745-4494.

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