Although divorcing your spouse will certainly give you the opportunity to move forward into the next chapter of your life, you will still need to ensure that your assets are protected if your divorce turns sour. Continue reading to learn more about how you can protect your assets when you get divorced in Indiana.
It’s not uncommon for married couples to be under the misconception that if they divorce, their assets and property will be divided fifty-fifty. This is known as community property. However, Indiana is an equitable distribution state, which means that though marital property, assets, and debts will be distributed fairly, they will not necessarily be divided equally.
For those interested in ending their marriage, this may give you some peace of mind. But that doesn’t mean you don’t have to protect what is rightfully yours. In fact, equitable distribution only applies to marital property.
So, if you have an inheritance that was brought into the marriage; collectibles, or other valuable possessions that were yours before you ever married your spouse; or, if a purchase was made solely for your benefit and not for the benefit of the marriage, you should be able to retain these items when your marriage dissolves.
You will also want to ensure that any outstanding credit card, medical, student loan, or other debt that belong to your spouse don’t become your responsibility in the divorce. Of course, that may not prevent your spouse from making your divorce proceedings as difficult as possible by refusing to work together to divide your marital assets, debt, and property or making demands they are not entitled to.
Unfortunately, if a judge needs to step in and make these distribution decisions on your behalf because you cannot come to an agreement, things may not come down in your favor. For this reason, you may want to consider attending family mediation with your spouse should this become an issue.
Family mediation can be a great tool for families to work through disputes such as the division of marital assets and debt. Any property, assets, or debt that was incurred while you were married should be split between the couple in most cases.
Before you attend mediation, look at these items and decide which points you remain firm on and which you are willing to negotiate. It will be in both you and your soon-to-be ex spouse’s best interests to figure out who will retain which debt and assets, without having to settle your case in court.
No one is ever prepared for their marriage to end, but when you are ready to start a new chapter of your life, you need to ensure that your valuable assets are protected. An experienced Terre Haute divorce lawyer at Rowdy G. Williams Law Firm may be able to help you avoid being taken advantage of.
When you are ready to schedule a free case review, simply contact our office by phone at 1-812-232-7400 or visit our website.
