Your Financial Future Matters In Indiana Property Division

Financial discussions are critical if you are divorcing. However, conversations about dividing assets can be incredibly contentious and complex because of what is at stake and the emotions involved. The details are important, as they shape your future stability. At The Law Office of Amie Newlon, I am here to help. I listen. I care. I aim to guide you through this challenging process with confidence and optimism.

Backed by over 20 years of experience serving clients in Corydon and surrounding areas, I have successfully assisted many individuals in managing their property division issues during division. I take pride in my ability to provide personalized attention and tailored guidance to each client.

Understanding Marital And Non-Marital Property

Parties typically have two types of property to address in a divorce: marital and separate. Marital property consists of connubial or conjugal assets and debts acquired during your marriage, regardless of whose name is on the title or account. This includes, but isn’t limited to:

• Real estate
• Vehicles
• Bank accounts – both joint accounts and individual accounts
• Retirement accounts and pensions
• Marital investments

Non-marital property, on the other hand, includes property you owned and debts you acquired before the marriage, as well as gifts or inheritances from a third party given solely to one spouse. Parties seeking to exclude this property from division must prove it is truly separate and did not benefit the marriage.

Property excluded from division may also include anything specifically addressed as such in a valid prenuptial agreement or other marital property agreement. These legal documents can be essential tools for defining separate property and preventing future disputes.

Without these agreements, categorizing property can be very complicated. One particularly complex issue is commingled assets, which occurs when parties combine separate property (like an inheritance) and marital property (like income earned during the marriage).

Financial and legal professionals, like an experienced property division lawyer, can provide invaluable support and guidance in these negotiations.

Taking Care Of Yourself Through Property Division

To truly take care of yourself financially following the dissolution of marriage, it’s essential to be thorough when dividing property. This meticulous process requires a clear understanding of all assets and debts.

Here are some key steps to guide you through the property division process:

• Identify and value all assets: Create a comprehensive inventory of all assets, including everything from your home and vehicles to investments, 401(k)s and family businesses. Don’t forget about retirement accounts and pensions – even if you aren’t yet drawing on them, you must include their value in your property division settlement.
• Disclose and analyze debts: Just as it is essential to identify and value all marital assets, it is equally critical to have a clear understanding of all debts. Make sure to fully disclose all debts and liabilities incurred during the marriage.
• Determine if any assets should stay intact: Consider whether it is strategically advantageous to keep specific assets whole, such as a family business or the marital home. Work with qualified professionals to assess the value of such assets to inform your negotiation strategy.
• Negotiate a fair division: Work with your spouse (and your respective attorneys) to negotiate a fair and equitable distribution of marital assets and debts. If you cannot reach an agreement yourselves, going to court for a judgment can be a last resort.

Indiana is not a 50/50 state. Instead, courts will strive for a just and reasonable distribution, which may not necessarily mean a strictly equal split.

It is important to note that property division and spousal support (also known as spousal maintenance or alimony) are distinct family law issues with processes governed by separate laws and can be modified over time.

Understand The Unique Challenges Of Gray Divorce

“Gray divorce” refers to divorces involving couples over 50. These cases often involve complex property division issues due to longer marriages, accumulated assets and retirement concerns. As a seasoned property division lawyer, I can help you manage these unique challenges and protect your financial interests.

Will Your Children Affect Property Division?

Yes, children’s needs and parental responsibilities can impact property division. For instance, a parent with primary custody may retain the family home to provide stability. Another issue to take into account is a parent who works less or not at all to care for the children, as they may receive a more favorable division of property. These considerations ensure the children’s best interests are maintained during and following parental divorce.

Secure Your Financial Future With Skilled Guidance

Whether you’re in Harrison County, Crawford County, Indiana County, Clark County or Floyd County, I can help you craft smart property division strategies to lay the groundwork for a stable and prosperous future. To discuss how my I can help you build a brighter tomorrow together. Text 812-641-7238 or call 812-626-7314. You can also send me an email by filling out my online form.