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What should you know about property division?

On Behalf of | Dec 21, 2023 | Firm News

Going through a divorce isn’t easy. For many people, the property division process is a significant stress source because it divides all assets and debts acquired during the marriage. 

There are several things to consider when determining how to handle this aspect of divorce. 

Assessing the marital estate

One of the first things that must be done is to gather a comprehensive list of all assets and debts that are marital property. There may be some property that’s considered separate property. This includes certain things that were owned before the marriage and some inheritances. There may be some disagreement between parties, so it may take some work to determine the proper classification of disputed property.

Fairness vs equality

Property division in Indiana is based on an equitable split. This doesn’t mean that everything is divided equally. Instead, it means that it is all divided fairly. There are several factors to consider when trying to determine what’s equitable. This includes marital contributions, which means financial contributions and others like giving up a career to raise children. 

Logic must rule

For many people going through a divorce in Indiana, the property division process involves working as a team to determine how to split things. Before beginning this, thinking logically about how various divisions may impact the future is a good idea. It’s easy to feel emotional, but that could mean trying to keep an asset that will be too costly to afford on a single income. 

Working with someone familiar with the property division process is critical. They can assist with determining marital property classifications and with the division negotiations.