Indiana couples filing for divorce should review laws for marital property division. These rulings could affect what property they maintain after the divorce is finalized. Any petitioners who wish to secure a specific asset should include these provisions in the divorce agreement. An Attorney in Auburn Indiana aids them in preparing these documents and evaluating property division requirements.
What Factors Apply to Marital Property Division
The duration of the marriage could affect how marital property is divided. For example, if the couple worked together to secure their primary residence, the court may require them to sell it. This could present them with an equal share of the proceeds from this asset. However, if they have children, the residence could be awarded to the custodial parent to prevent the children from moving out of the home.
Properties that were owned prior to the marriage revert back to the original owner in most cases. The court doesn’t recognize these properties as community property or tied to the marriage. This could include properties or assets that were inherited from family members.
The Lifestyle Achieved During Marriage
The earning capacity of each party is evaluated. The point is to ensure that both parties maintain the lifestyle achieved while they were married. Some courts may award more properties to the party that earns the lower wage. However, they could choose payment for an educational program over property assignment. If this occurs, their former spouse is responsible for paying for their college education.
Factors that Could Affect Property Division
Prenuptial agreements are valid in Indiana. If these agreements applied to property division, the order is granted in court. If there were conditions applied to the award of property or assets, they are evaluated. The Evidence is required in these cases.
Indiana couples should seek an agreement that is acceptable and applicable to property division. If they fail to reach an agreement, the court may divide their property for them in a divorce trial. These proceedings could reduce the total award for top earning spouses. Petitioners who need help with property division should speak to an Attorney in Auburn Indiana by contacting Grimm & Grimm or Visit the website for further details.