Ending your marriage has likely brought a great deal into perspective. You may have finally decided what is important to you in life, and divorce is likely helping you move on from an unhappy or dissatisfying situation and into a brighter future. Of course, you now have to deal with the many legal steps associated with ending your marriage.
One of the biggest issues to handle when going through divorce is dividing up all of your marital assets. The manner in which this takes place can depend on many factors, including state laws and how well you and your soon-to-be ex-spouse can get along.
Can you work amicably?
Contrary to popular belief, the courts alone don’t need to divide all of your assets. If you and your spouse can work together to address this part of your divorce case, you may have the ability to come up with division terms on which you both agree. If so, you can inventory your assets and decide who gets what. Of course, it is important to remember that legal property division proceedings also allow the division of debts; dividing debt may be trickier than dividing assets.
In the event that you can work together to divvy up both assets and debts, you will still need to present your agreement to the court for approval. Without court approval, your agreement is not legally binding, and if either of you should change your mind later regarding who gets what, a complicated legal matter could ensue.
What if you cannot decide?
If you and your spouse cannot work together civilly or you reach a stalemate when it comes to dividing certain property, you may need to let the court handle the matter. In this case, one follows Indiana property division laws, which means the court will take an equitable approach. Rather than dividing assets 50-50, the court will determine which outcome will lead to a fair arrangement.
It is important to remember, however, that even with court intervention, you can try to negotiate in effort to obtain property that you may feel particularly strongly about. When dealing with any legal matter, it is essential to understand your rights and options for working toward a result you find acceptable. Fortunately, resources are available for obtaining reliable and applicable information.
