Divorce is a legal process that ends a marriage. At the same time, spouses must share everything that tied them up in a marital life, especially custody of common children and common property. When dividing marital property, a lot of questions arise, since Indiana’s legislation is quite unique in this matter.
Indiana property division law
Marital property includes 3 main types: 1) property acquired by either spouse for personal use during the marriage; 2) property acquired by both spouses for common purposes during the marriage; 3) property that was donated or inherited to any spouse during the marriage. All 3 types are subject to separation. Under Indiana law, a marital property of spouses must be shared fairly. With this, the state also has a presumption of equal division, which implies that the common assets can be divided 50/50. If one of the spouses does not agree with this conclusion, then he or she must provide evidence and justify how to fairly conduct the division.
Different factors affect the decision of the judge when considering this issue. For example, the fair division of property will depend on the analysis of the following circumstances: 1) the contribution of each spouse in the acquisition and maintenance of the property; 2) whether the property was acquired before or after marriage; 3) the economic situation of each spouse at the time of the dissolution of the marriage; 4) if any spouse has a place to live in; 5) the ability of the parties to support themselves. The duration of the marriage is also important, the shorter it is, the fewer chances there are for an equal division of property.
Property division in other states
In most cases, property is divided based on its value. Therefore, an independent assessment of each type of property that the spouses own is assigned. However, one of the spouses can own property not only in Indiana, but also in any other state. In such a case, the separation takes place on the basis of Indiana law and doesn’t depend on the rules and regulations of the state where the disputed property is located. Once the separation occurred, the state in with the disputed property is obliged to comply with the provisions of the divorce decree. At the same time, there is no reason to dispute this decision in another state. If the Indiana court ruled that the separation should take place in a certain proportion that is not equal, then the marital property which is located, for example, in Texas will be divided on the basis of a decision in Indiana, despite the fact that Texas is a community property state, this behavior is established in the United States Constitution.
Property division in other countries
To share the property that is in another country is quite difficult. It is still based on the cost. Therefore, it is very important to evaluate the property considering the exchange rate and its value in the country where it is located. In addition, the country where the contested estate is may have completely different laws in the matter of the division of assets. It’s good if they coincide with the laws of the United States, but this is not always possible to meet. Moreover, a decision made in Indiana does not have to be executed in another country. Therefore, for the division of property, which is located abroad, it makes sense to hire an attorney who works in that country. For the separation of foreign real estate, it’s needed to use the format and rules that are acceptable for the country where the property is located.
The division of assets is always an uneasy question, which has many nuances, especially if it’s needed to divide property that is located abroad. It will be much easier for the spouses to complete the divorce if they sign a settlement agreement where they describe ways to resolve all their disputes. They will be able to apply for an uncontested divorce, which can be obtained without participating in judicial sessions. Nevertheless, there are situations when it is impossible to reach a compromise and the settlement agreement will not work. In this case, all disputes, including the division of property, will be considered by the court on the basis of the peculiarities of the marriage and in accordance with the law.