Property Distribution In An Indiana Divorce: Protect Your Financial Future

Dividing property can be one of the most contentious and conflict-filled aspects of the divorce process. At Patel Defense, LLC, we understand the emotional and financial stakes involved. Our founding attorney, Monish Patel, is a tough litigator with 20 years of experience helping clients in Indianapolis and Noblesville. He is dedicated to protecting your rights, especially in a contentious divorce. As an experienced litigator, he can handle complicated and conflict-filled negotiations and see a case through trial if necessary.

How Is Property Divided In An Indiana Divorce?

In Indiana, property division is divided equitably. This means that the court aims to divide marital property in a manner that is fair. A fair division of property doesn’t always mean that property acquired during the marriage is divided equally down the middle. Some factors the court considers when deciding the division of property include:

• The financial circumstances of each spouse
• Each spouse’s contributions to the marriage, including homemaking and child-rearing
• The economic situation of each spouse after the divorce
• The conduct of the parties during the marriage as it relates to the disposition of property

It is important to have an experienced attorney who can advocate for your interests and ensure a fair division of assets. Oftentimes, couples who are navigating a divorce will attempt to reach a settlement with respect to the division of marital property. Having a tough advocate and experienced negotiator on your side can help you protect your rights and interests. This is especially important if you are navigating a high net worth divorce.

How Does The Court Decide Who Gets A Divorcing Couple’s House?

The family home is often one of the most valuable and emotionally significant assets in a divorce. The court will consider several factors when deciding who gets the house, including:

• The financial ability of each spouse to maintain the home
• The best interests of any children involved and child custody determinations
• The contributions of each spouse to the acquisition and upkeep of the home

Even if the house is only in one spouse’s name, it will be designated as marital property if it was purchased during the marriage, or if both spouses contributed to the value of the home over the course of the couple’s marriage. The court may order the home to be sold and the proceeds divided, or it may grant one spouse ownership and require the other to be compensated with other assets.

What Happens With A 401(k) And Retirement Assets In An Indiana Divorce?

Retirement assets, such as a 401(k), are often considered marital property if they were accrued during the marriage. The court will divide these assets equitably, taking into account factors such as:

• The length of the marriage
• The financial needs and contributions of each spouse
• The value of other assets being divided

A Qualified Domestic Relations Order (QDRO) is typically required to divide retirement accounts without incurring penalties or taxes. This legal document instructs the retirement plan administrator on how to allocate the funds. It is crucial to have a knowledgeable lawyer to ensure that the QDRO is properly prepared and executed, thereby protecting your financial future.

Schedule A Consultation With A Property Distribution Lawyer

At Patel Defense, LLC, we are committed to helping you navigate the complexities of property distribution in your divorce. Contact us today to schedule a confidential, initial consultation appointment. Let us help you protect your financial interests and secure a fair division of your marital assets. To schedule an appointment, send us an inquiry through our website or call us directly at 317-643-5459.