Saturday, September 6, 2008

Indiana Divorce: Exercising Your Rights to Marital Assets

Marital assets include any property, real or personal, acquired during the marriage, excluding inheritances. Such marital assets are often referred to as the “marital pot,” since all such assets are lumped together and considered in the final distribution.

If a home or business was purchased prior to the marriage, but has increased in value during the marriage, the non-contributing spouse may be entitled to one-half of the equity that was accrued from the date of marriage to the date the petition for divorce is filed. The Court will typically consider factors, including length of the marriage, in making such a determination.

Despite a spouse’s lack of contribution to the acquisition of the assets, it is still deemed a marital asset and he or she will receive a portion of it. Usually, it is assumed that the spouse will receive 50%, however, this is negotiable. If the parties can’t agree, the judge will determine each spouse’s share.

Pensions and 401(k) plans are also considered part of the marital pot. A spouse is entitled to one-half of the other spouse’s pension or 401(k) that accrued from the time of the marriage to the time of divorce. This is considered the marital portion, and unless a spouse waives his or her right to it, he or she is statutorily entitled to it.

If you are wanting more information on divorce, follow the "property issues" link below to more articles on divorces. Of particular interest may be: Divorce, Property Division and Five Tips on Retirement Assets and Divorce, Property Division, Dividing Debts, and the old Credit Rating.

If you need an Indiana lawyer for your divorce case, give me a call.

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