Have Some Say In The Division Of Your Marital Assets And Debt
More marriages are ending in divorce, and that means property and debts couples accumulated together must be divided. Indiana is an equitable property division state. Assets and debts will be divided in a “just and reasonable” manner.
That means the court will divide your debts and assets in that way judges believe is fair. You want to minimize the consequences and have as much say as possible in how things are divided. Our experienced divorce attorneys at the Law Offices of Paul D. Baugh, PC, can help you protect your assets.
A Fair And Reasonable Distribution Of Assets And Debts
When considering division, the court has a lot of leeway. The court will determine how things accumulated in the marriage will be divided. That includes:
- Credit cards and debt
- Clothing and furniture
- Liabilities
- Loans
- Property
- Real estate
- Retirement assets
- Stocks, bonds and pensions
- Vehicles
Couples can have more control through divorce mediation. Although not legally binding, it can help couples discuss their children, spousal support and distribution of assets and debts.
What Can You Do To Protect Your Assets?
The court will usually assume that marital property should be divided equally. In a lot of divorces, if a spouse gets more assets in the divorce, they often take on more of the debt too.
Factors that you could argue to get more assets include:
- Property and assets (in whole or partially that were acquired before the marriage or as a gift or inheritance that was meant specifically for you).
- Economic circumstances.
- Marital conduct.
- Earnings and the ability to earn after the divorce.
What About Your Retirement Accounts?
Couples who were in a short-term marriage will not necessarily get a 50/50 split of retirement funds. If your marriage did not last long, you are more likely to be able to keep your entire 401K. However, in longer unions, you will likely be required to give part of your retirement account to your former partner.
Call Our Experienced Divorce Lawyers If You Are Dividing Assets And Debts
If you are going through a divorce, how your assets and debts are divided is important. Our experienced attorneys can help protect your assets and work to get you fair distribution of your assets and debts in Indiana. Contact our Bloomington and Columbus offices via email or by calling 812-727-7013.