Spouses generally support one another both emotionally and financially. They live together, share resources and may even raise children together. People tend to make sacrifices for their families and focus on helping the people they love the most achieve their personal goals. Those investments and sacrifices may feel wasted when someone realizes that divorce is imminent.
Spouses tend to panic when they think about living on one income after divorce. The property division process often worsens that anxiety by diminishing the resources that someone owns. As such, those who are facing the prospect of divorce need to understand the law if they want to advocate for their interests and feel confident about securing an appropriate outcome during divorce proceedings.
What typically guides the property division process in an Indiana divorce?
State law takes a unique approach to property division
Technically, Indiana is an equitable distribution state. Like a majority of states in the country, Indiana has a law requiring that judges divide property in a fair manner. The statute is unique in part because it imposes a presumption that an even 50/50 split of assets is likely fair.
However, both spouses have the opportunity to present evidence to the courts affirming that an equal split of the property is inequitable. Evidence of one spouse having far more income and assets than the other might convince a judge to deviate from that 50/50 presumption. Proof of the dissipation of marital resources can also play a role in property division matters. Judges may hold someone accountable for diminishing the value of the marital estate intentionally.
Custody arrangements, prenuptial agreements and a variety of other unique factors can also influence property division determinations.
Spouses can agree to their own arrangements
Divorce does not inherently require litigation to settle property division matters. Spouses can reach an agreement in writing wherein they set their own terms without a judge’s intervention.
Those familiar with Indiana state law may feel more confident about proposing a settlement or gathering evidence for divorce proceedings in court. Either way, learning more about Indiana’s equitable distribution rules, by seeking legal guidance, may benefit those worried about the economic impact of a divorce.