Indiana Divorce & Finances
Separating your joint finances during a divorce is usually a stressful and unpleasant process. Find the answers to your questions regarding Indiana divorce and finances here. How will the court divide property? What will the tax consequences of your divorce be? Do you and your ex-spouse have estate planning issues to settle? What about the possibility of spousal support payments? How are they decided, and how much will be awarded? The following are laws specific to Indiana Divorce and Finances.
Indiana Property Division/Community Property/Debts:
Indiana is an “equitable distribution” state. This means that the court will divide marital property on terms considered to be fair, which does not necessarily mean equal. In making its determination, the court will consider, among other things, the contributions of each spouse to the marital estate, the total value of the properties of the parties, the economic circumstances of each party, any misconduct that may have occurred, and the amount of spousal support awarded.
Indiana Spousal Support:
There is no automatic obligation for either spouse to support the other in the event of a divorce. Where the court does grant spousal support (also called maintenance or alimony), it does so on a case-by-case basis and in consideration of many factors, including:
- The financial resources of the party seeking support,
- The time and input of resources necessary for the party seeking maintenance to find appropriate employment and sufficient education and/or training for that employment,
- The established subjective standard of living during the marriage,
- Marriage duration,
- Physical and emotional condition of the party seeking maintenance,
- The ability of the would-be payor spouse to meet his/her own needs while meeting those of the other spouse, and
- Any other factors the court deems relevant.
Note that the spousal award amount and duration, once determined, are not set in stone. The court may modify or eliminate the award when circumstances justify doing so, for instance when the receiving party enters into another marriage or similar arrangement, or when one party experiences a material change in financial circumstances.
Indiana Divorce/Child Support/Child Custody Lawyers:
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