5 Questions You Should Ask About Property Division

When a couple breaks up there are many factors to consider. From custody to parenting time schedules, property division and alimony, the situation can become quickly overwhelming for everyone involved. One of the most complex issues in family and divorce law is property and asset division.  Whether you have one property or multiple or complex properties to divide, meeting with an attorney can assist you. 

Here are five questions to ask about property division when going through a divorce.

Question 1: What is community property, and how is it divided?

As mentioned above, community property is any property acquired during the marriage, such as assets and debts. Community property is divided equally between the spouses. It is essential to clearly understand what is considered community property and how it will be divided to ensure a fair settlement.

Question 2: How does Indiana delegate property division?

In Indiana, property division is governed by the principle of equitable distribution. All marital property, including assets and debts, is divided fairly, but not equally, between the spouses. Marital property is any property acquired during the marriage, while separate property is any before or after a legal separation. 

A court will consider various factors when determining a fair property division, including the length of the marriage, each spouse’s financial situation, and the contributions each spouse made to the marriage. It is essential to consult with a family law attorney in Indiana for guidance on property division during divorce.

Question 3: What is separate property, and how is it protected?

Separate property is any property owned by one spouse before the marriage, acquired through inheritance or gift, or acquired after the marriage with individual funds. It is not subject to division in a divorce. However, it can be challenging to prove that property is separate, and taking steps to protect it is crucial. A family law attorney can help you identify and protect your separate property.

Question 4: How is property valued in a divorce?

Determining a property’s value can be complicated, especially if it is not easily divisible, such as real estate, retirement accounts, and businesses. It is essential to have a professional appraiser or accountant determine the value of the property to ensure a fair settlement.

Question 5: What are the tax implications of property division?

Property division can have significant tax implications, especially regarding retirement accounts and real estate. Understanding the tax consequences of property division and how it will impact your financial situation is essential. A family law attorney can help you navigate the tax implications of property division.

Do you need to consult with a family law attorney regarding property division? Call us today!

At Lopez Law Office P.C., we understand that divorce can be a difficult and emotional time. Our experienced family law attorneys are here to help you navigate the complex legal issues involved in property division. We will work with you to ensure you receive a fair settlement protecting your rights and interests.

Property division can be a complicated and emotional aspect of divorce. It is essential to seek the advice of a family law attorney to ensure that you receive a fair settlement that protects your rights and interests. At Lopez Law Office P.C., we are committed to providing our clients with the guidance and support they need during this challenging time. Contact us today to schedule a consultation.