Indiana Divorce Laws Regarding Property
Indiana divorce laws regarding property can be a difficult area to navigate. In looking for an Indiana lawyer to represent you in your Indiana divorce case it is vital that you hire someone who understands the law and what factors the Court will look at in determining an equitable distribution of the marital estate.
Indiana divorce courts initially presume a 50/50 division of the marital property is just and reasonable, however, the presumption may be rebutted if evidence is presented that more property should be attributed to that party.
Marital property includes “all” property owned by the parties, including property owned individually, jointly, inherited or acquired before or during the marriage. An individual’s 401(K), other retirement accounts, financial accounts, business, real estate, vehicles and personal property are included in the “marital pot”, which the Court initially presumes will be divided 50/50.
In order to rebut the 50/50 presumption, the Court looks at certain factors provided in IC 31-15-7-5. These factors include:
- The contribution of each spouse to the acquisition of the property;
- The extent the property was acquired before the marriage OR through inheritance or gift;
- The economic circumstances of each spouse;
- The conduct of the parties during the marriage with respect to disposition or dissipation of assets; and
- The earnings or earning abilities of the parties.
Whether you are seeking a 50/50 division of marital property or a deviation thereof, it is vital that you hire an Indiana divorce lawyer who understands the statutory factors the Court considers in determining the division of marital property and how to effectively apply those factors to your Indiana divorce case.
Further, it is important that you hire an Indiana divorce lawyer who understands how to value property. Many high net worth Indiana divorce attorneys, do not understand how to value a small business, business goodwill, real estate owned by a closely held family business, income-producing real estate, stock options, vested pension benefits, etc… We’ve met with clients whose prior Indiana divorce lawyers did not know how to properly value property OR how to properly apply and argue the above statutory factors, leaving 10s if not 100s of thousands of dollars on the table.
At Webster & Garino LLC, we not only understand how property is valued, but are experienced in advocating the statutory factors the Court considers when determining an appropriate division of marital property.
Contact Webster & Garino LLC to ensure your assets are protected by trusted divorce lawyers in Indiana.
What will happen to my 401k in an Indiana divorce? Find out here.