Indianapolis Property Division Lawyer

Did you know that even in an amicable divorce, dividing property in Indiana can get complicated? Unlike some states, Indiana uses an “equitable distribution” approach, meaning assets are divided fairly, not necessarily equally. This can leave you wondering: what is considered fair, and how will the court decide what’s mine?

At Eskew Law, our experienced Indianapolis property division lawyers are here to guide you through this challenging process with skill and compassion. We aim to reach a just and fair resolution, considering the emotional and financial impact on our clients. If you have questions, please contact us today to work with our family law attorneys serving clients throughout Indiana.

When deciding how to divide marital assets, the court considers the factors outlined in Indiana Code § 31-15-7-5. These include:

1. Each spouse’s contribution to the acquisition of property. Includes direct financial contributions and indirect contributions such as homemaking and child-rearing.
2. The extent to which property was acquired by each spouse. This includes whether any property was acquired through inheritance or before the marriage.
3. Economic circumstances of each spouse at the time of division. This section examines each spouse’s present and future earning potential.
4. Conduct of the parties during the marriage. This can include considerations of disposition or dissipation of property by either spouse. If one spouse has squandered marital assets, this can impact the division.

These factors are crucial in the Indiana divorce property division process to ensure a just and equitable distribution of assets between the spouses. However, it is important to know that many of the factors involve a determination on a case-by-case basis. Issues such as inheritance, dissipation, and earning capability may require a more in-depth analysis. Our dedicated property division lawyers in Indianapolis could help you navigate the process.

What Is Considered Marital Property?

Generally, all assets and debts acquired during the marriage are considered marital property, including:

• Real estate—your primary residence, vacation homes, commercial real estate, and investment properties.
• Financial accounts—bank accounts, retirement savings (IRAs, 401(k)s), and investment portfolios.
• Personal property—vehicles, jewelry, artwork, and other valuables.
• Debts—mortgages, car loans, credit card balances, and personal loans.

Typically, the family home is classified as marital property and can be either sold or awarded to one spouse. When determining the fate of the family home, the court considers factors such as the property’s value, mortgage status, and arrangements for child custody. However, assets considered separate property are excluded.

What Is Considered Separate Property?

Because Indiana is a one-pot theory state, it is likely all property will be considered part of the marital estate until or unless there are successful arguments that offset that property or unless a premarital agreement (“prenup”) was executed before the marriage. The following assets may be considered separate properties:

• Assets owned before the marriage: This includes property acquired through inheritance, purchase, or gift before the marriage. However, they may lose their separate property status if you’ve commingled these premarital assets with marital funds, such as depositing them into a joint account.
• Inheritances: Money or property you inherit during the marriage generally remains your separate property, unless commingling occurred.
• Gifts received by one spouse. Gifts from a third party, except those between spouses, are typically considered separate property. For example, if your grandmother gifts you a diamond necklace, it likely remains yours.

If you have questions about whether a specific asset qualifies as separate property, contact one of our experienced Indianapolis property division attorneys.

Is Property Division Different for High Net-Worth Divorces?

High-net-worth divorces often involve complex assets and require detailed financial analysis to ensure a fair division. They may include negotiations between attorneys and the involvement of financial experts to accurately assess the value of assets such as businesses, investments, and real estate.

Due to the complexities of these cases, more time may be required for discovery and settlement discussions, making the need for a skilled property division attorney in Indianapolis all the more important.

Can Spouses Reach an Agreement Outside of Court?

Yes, spouses can negotiate a property division agreement outside of court, which can be done through mediation or direct negotiation with the assistance of their Indianapolis attorneys. Once an agreement is reached between spouses, it must be submitted to the court for approval.

How Are Retirement Accounts Divided?

Retirement accounts, such as 401(k)s and IRAs accumulated during the marriage, are often considered marital property and may be subject to division. In those cases, a qualified domestic relations order (QDRO) may be required to distribute the funds. A QDRO is a legal document that outlines the specific amount or percentage of the retirement benefit to be allocated to the former spouse after a divorce.

It also specifies the timing and method of distribution, which can include lump sum payments or installment payments based on the participant’s retirement date. This process can take some time, and you should prepare for that with a dedicated Indianapolis property division attorney if a QDRO is necessary to carry out your final distribution.