“I’ll take the house and the new car, plus a bit of your salary.” Not something most people think of when they say, “I do,” right? But this scenario can quickly become reality for the estimated 40% – 60% of marriages that end in divorce.
“Who gets what? And how much do they get? What happens to the house? The cars? The dog even?” The answers depend on many different variables, including where you live.
Indiana’s stance on divorce
Indiana follows what’s known as the “one pot” theory when it comes to dividing assets – when divorce is filed, both spouses’ assets and debts are thrown together into one metaphorical pot, mixed together, and allocated based what the two parties decide. And if you and your ex just can’t seem to agree, a judge will decide for you.
How your assets are divided
Indiana is a no fault state, which means what caused your divorce will generally have no affect on how assets are divided. In Indiana, a judge will likely divide assets 50/50.
A non-exhaustive list of assets includes:
- Vested retirement, IRA, 401k, pension accounts, or military benefits
- Life insurance with cash value
- Personal property
- Bank accounts or cash
- Real estate (owned individually, jointly or with another party)
- Businesses (owned individually, jointly or with another party)
- Vehicles or boats
- Securities and investment accounts
Exceptions to the 50/50 rule
The majority of assets and debts are thrown into “the pot,” to be split down the middle. Although there are some instances where you can claim the 50/50 rule is unjust and make an argument for more than 50%.
For example, if an individual were given a valuable gift or acquired a large inheritance, it might be reasonable to argue that these assets not be divided 50/50 in the divorce. Additionally, the court can look at the assets you, or your spouse, brought into the marriage when deciding if there should be a divergence from the 50/50 division.
Similarly, if your spouse makes significantly more money than you, the court can consider this fact when deviating from the 50/50 division.
Your best protection in this less-than-favorable situation? Hire an attorney. A good one who can help you sort through the many factors that contribute to a judge’s decision.
To learn more about your unique situation, please contact author Kisti Good Risse at 765-742-9066.
The content of this blog is intended to be general and informational in nature. It is advertising material and is not intended to be, nor is it, legal advice to or for any particular person, case, or circumstance. Each situation is different, and you should consult an attorney if you have any questions about your situation.