Indiana Property Division Attorneys

Divorce transforms your personal life and significantly changes your financial situation. One of the most contentious aspects of dissolving a marriage is determining who retains the house, the retirement accounts and the debts. At McNeelyLaw, we understand that protecting your rightful assets is crucial for your post-divorce stability. Our experienced family law attorneys guide clients through these complex negotiations to obtain a fair outcome that safeguards their financial well-being.

Understanding Indiana Marital Property

Before assets can be divided, they must be defined. Indiana takes a comprehensive approach to what constitutes “marital property.” Unlike some states that strictly separate property owned prior to the marriage from property acquired through the duration of the marriage, Indiana generally includes all assets in the “marital pot,” which includes:

• Assets acquired by either spouse after the marriage but before final separation.
• Property acquired through joint efforts.
• Assets owned by either of the spouses prior to the start of the marriage.

Once the complete list of assets and debts is established, the state applies a general rule for distribution: the court presumes that an equitable division of property is just and reasonable.

Factors That Influence Equitable Distribution of Assets

Indiana is an equitable distribution state, meaning assets are not inherently divided in an equal, 50/50 split. Rather, state law outlines specific factors that a judge must consider to achieve fair distribution between spouses.

These factors include:

• Contribution to Acquisition: The court looks at how much each spouse contributed to acquiring the property. This considers income-producing contributions as well as non-monetary contributions, such as homemaking or child-rearing.
• Inheritance or Gifts: The court examines whether specific property was gained by one spouse through inheritance or as a gift, or if it was owned prior to the marriage.
• Economic Circumstances: The judge evaluates the financial situation of each spouse at the time the property disposition becomes effective. This includes considerations like whether the custodial parent should remain in the family home.
• Conduct During Marriage: If one party dissipated assets, such as gambling away savings or spending money on an affair, the court may award the other spouse a larger share to compensate for that waste.
• Earning Ability: The court considers the current earnings and future earning capacity of both parties to ensure the division supports a fair financial start for both.

The Role of Agreements and Settlements

While the courts have a structured process for dividing assets, spouses often have the power to determine their own financial destiny. Premarital agreements (prenups) and divorce settlement agreements allow couples to decide how their property should be divided outside of the standard court rules.

Drafting your own agreement offers several distinct advantages:

• Control: You decide what happens to specific cherished items or accounts.
• Cost: Reaching a settlement is often less expensive than a prolonged trial.
• Certainty: You avoid the unpredictability of a judge’s ruling.

However, these agreements must be fair. Indiana courts retain the power to review and reject any agreement they find unconscionable or legally flawed. Having an attorney draft or review these documents is essential to confirm they are legally enforceable.

Safeguard Your Financial Future

Property division involves intricate laws and subjective judicial decisions. Whether you are trying to protect a business, an inheritance or your retirement, the outcome will affect your life for years to come. If you are facing a divorce, do not leave your financial future to chance. Contact McNeelyLaw today to schedule a consultation with our skilled family law team.