If divorce is on the horizon for you and your spouse, you may wonder if you could lose everything.
While divorce is likely to impact you financially as you part ways, Indiana law outlines a fair way to divide your assets.
Which assets can the court divide in my divorce?
In Indiana, your assets are considered marital property regardless of when acquired, or in which spouse’s name the assets are titled. However, a court can take into consideration whether the asset was acquired before marriage, whether it was an inheritance, and other factors when deciding how to divide the marital estate. Indiana is an equitable distribution state, which means that a court divides marital property in an equitable, or fair, way. Equitable does not necessarily mean exactly equal, though the division is supposed to be fair to both parties.
Can I have any say in the division process?
The equitable division law generally applies only in a contested divorce. If you and your spouse want more control over the asset division process, you can work out an agreement to present to the court instead of leaving it up to a judge. As a bonus, an uncontested divorce is usually faster and more cost-effective.
The thought of divorce may leave you feeling anxious as you enter an uncertain process. However, you can take comfort in knowing that Indiana law prevents you from losing everything to your spouse, especially if you both can negotiate a fair agreement outside of court.