In an Indiana divorce, there are myriad issues to navigate. While children will understandably come to the forefront with custody, support and visitation all being keys to the case, there are other factors to consider. If people have been fortunate enough to accrue significant assets, property division will likely be a contentious issue.
The Hoosier State adheres to an “equitable distribution” template meaning that the courts strive to come to a fair determination regarding property. That does not always mean equal. Both parties will want to maximize what they receive, particularly if there were substantial assets like bank accounts, investments, real estate, a business, jewelry, collectibles and other items of major value.
In these high-stakes divorces, it is essential to have assistance that understands how to protect a person’s assets and make sure there is discretion and efficiency in resolving the dispute whether that is through a court decision or a negotiated settlement.
There will be equal division, but it can be rebutted
The court will need compelling evidence to rebut the presumption of equal division of property. This means that the person trying to retain as much of what they consider their property as possible. The other person who believes they are entitled to a larger portion need to know what constitutes rebutting the presumption.
Evidence needs to be presented regarding the property. The court will scrutinize how the property was acquired. If a spouse was the primary wage earner or it was their education and skills that led to the property’s acquisition – such as someone who was experienced in real estate and knew when to buy and sell at the right time – then they could show that they are entitled to a greater portion of the property.
People will own property before they are married. If it is something the person had prior to marriage or if it was an inheritance or a gift while they were married, they could say they are within their rights to keep it without sharing. It is different if the assets were used to acquire more assets during the marriage. An example would be a savings account that increased in value during the marriage because of the other party’s contributions and they purchased items with it. This is commingling and would likely be split to a certain degree.
The court will assess the economic situation. A person who was a stay-at-home spouse or put their own education and training on hold so the other person could work and gain skills of their own, then they might be entitled to a greater portion of the property because of their apparent sacrifice.
This ties in with earning capabilities. A person who has extensive work experience and is well-educated will have a better chance of earning more money after the marriage than someone with lesser credentials. This too will be factored in with property division.
Marriages end for a reason. If the conduct during the marriage included wrongdoing or willful lowering the value of assets in anticipation of the divorce, the court can consider this and act accordingly.
Seek assistance when trying have a fair distribution of property in a divorce
Property division can be one of the most complicated areas of family law. While people might be under the impression that equitable distribution means that the marital property will be split equally, that is not the case. In addition, those who think that just because they were the primary earner, they get to keep more of what they acquired during the marriage, that might not be true. For these cases, it is wise to have advice with how to proceed and achieve a positive result.