Division of Marital Property in Indiana
Indiana law creates a presumption that each party to a marriage is entitled to 50% of the marital property. This presumption of a 50-50 split of marital property can vary to some extent under various circumstances, but in most cases, each party is awarded 50% of the marital property and 50% of the marital debt.
50 / 50 Presumption
Where there is a very short marriage and one party comes to the marriage with significantly more money, there may be some variation of the 50-50 split. Where one party is unable to work due to disability or lack of education or responsibility for caring for a disabled child, the 50-50 presumption is often varied. However, under most circumstances, each party is entitled to 50% of the assets and 50% of the debts.
What happens to the Marital residence?
When spouses divorce, the issue that often arises is what is considered marital property and what is considered marital debt. In Indiana, everything the parties own, either together or separately, while married is marital property. Similarly, every debt incurred during the marriage, whether jointly or individually, is marital debt. The exception to this is where the debt is incurred by one party after the degree of dissolution is filed. When this happens, the debt often is considered the debt of only the party who incurred it.
Gifts and Inheritance
Even a gift or an inheritance given to one spouse during the marriage is considered marital property and is subject to division via the presumption of the 50-50 split. If the marriage is short or the gift/inheritance is large, this may create a reason for deviating from the 50-50 split, but, nonetheless, the gift or inheritance is considered marital property.
Retirement benefits, such as a 401(k) or a pension, earned during the marriage is also considered marital property and is subject to division with a presumed 50-50 split, even though the retirement benefits are earned only by one party to the marriage.
If you are considering divorce and have questions regarding how your property will be divided, call us and we can help.
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For many parents, child custody and parenting time problems create a great amount of unease. Basically in Indiana courts will resolve any dispute about child custody and parenting time according to the best interests of the children involved.
Child support comes with rights and responsibilities. Normally the non-custodial parent pays the parent with primary physical custody a monthly amount which is more or less fixed by the Indiana Child Support Guidelines.
Indiana law creates a presumption that each party to a marriage is entitled to 50% of the marital property. This presumption can vary, but in most cases, each party is awarded 50% of the marital property and 50% of the marital debt.
Whether you are contemplating divorce, or been arrested or injured you are probably scared, unsure what will come next and what to do. Give me a call. We will sit down, go over your options and work to find a way to move forward. Call me or another attorney. But call someone and get the help you deserve.
- JR Emerson, Attorney
I am here to help. I am not here to judge. For nearly 20 years I have been helping people in difficult situations and I would be happy to speak with you to see how I might be able to help you too.
- Jill Bracken-Emerson, Attorney
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Our attorneys represent people in need of assistance with personal injuries, car accidents, divorce, family law and DUI/OVWI matters. Our clients typically live in counties throughout central Indiana including, Hamilton County, Boone County, Marion County, Hendricks County and Johnson County. Please contact our office to learn how we can help.
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JR Emerson is an attorney who represents men and women in family law matters including divorce, child custody modification, and child support modification in Marion County, Hendricks County, Boone County, Hamilton County, Hancock County, Madison County, Johnson County. Cities in which he practices include: Zionsville, Lebanon, Whitestown, Carmel, West Clay, Westfield, Noblesville, Fishers, Lawrence, Beech Grove, Speedway, Greenwood, Southport, Franklin, Plainfield, Avon and Danville, Indiana.