People acquire various property throughout their lives in Indiana. This is true for married couples as well. They may start or grow checking and savings accounts, retirement accounts, investment accounts and other types of financial accounts. People may also buy homes, vacation homes or other real property. They could own vehicles, collectables, jewelry, one or both may own businesses and have other types of assets.
Both spouses may be able to enjoy the property during the marriage, but if the couple ever divorces, most of the property the couple acquires during the marriage must be divided. This is true regardless of whether the account or the title to the property was only in one spouse’s name. This property is known as marital property and it is divided equitably. While this may mean that it will be divided equally, an equitable division does not need to be equal.
Factors used to determine equitable distribution
To determine an equitable division the court will analyze a number of factors. These factors include, but are not limited to:
- Each spouse’s contributions towards acquiring certain property or assets.
- Whether one spouse had significant non-marital assets acquired through gift or inheritance prior to the marriage.
- Each spouse’s economic circumstances after the divorce including their current income and earning capacity.
- Each spouse’s conduct during the marriage and whether they unreasonable disposed of property.
Each marriage in Indiana is unique. Couples earn different amounts of money and acquire various assets. They may also receive inheritances and other gifts as well. They also live different lifestyles, which require spending more or less money. Due to these unique circumstances, each divorce is unique as well. While property may be divided as equally as possible, there are circumstances which require an uneven division of the property. Experienced attorneys understand property division during divorces and may be a useful resource.