Without a doubt, getting a divorce is an emotional process. One of the most difficult aspects is property division. Who gets what? What property division is in the best interests of both parties? How will the court value your marital estate?
Under Indiana law the starting point for dividing the martial estate is a 50/50 split of the marital pot. This means that in a divorce all of you and your spouse’s property should be divided 50/50 among the two of you. Although the marital pot is to be spilt 50/50, courts can deviate from the 50/50 spilt based upon five statutory factors. These five factors are: Whether the property in question was acquired by a gift or devise, whether the property was acquired before the marriage, the financial contribution of either spouse to the marital pot, whether either spouse took part in the dissipation of marital assets, and there is a presumption that the family residence should go to the custodial parent. The statutory factors to deviate from the 50/50 split are very fact sensitive, you need a knowledgeable and experienced divorce attorney to protect your interests.
Property included in the martial pot includes everything that you and your spouse own regardless of how it was acquired. Some items that are considered an asset of the divorce are:
- Home
- Cars
- Timeshares
- Investment accounts
- Retirement assets
- Pensions and annuities
- Bank accounts
- Stocks and bonds
- Businesses
- Life insurance cash value
Also all of your debts are included in the martial pot. Of course, everyone’s situation is unique. Every property distribution of assets and liabilities in a dissolution is not the same, although they all have some degree of consistency due to distribution laws.
What matters to me is placing my clients in a secure financial position so that they can move forward after a divorce. If you would like further information about equitable distribution, or have questions regarding your individual situation, please contact me, Christopher L. Arrington today to schedule a consultation.