Common Financial Issues in a Divorce 

Divorce can be a difficult and time-consuming process, but thankfully a trusted attorney can help make the process easier. While divorce proceedings can be easier if both spouses cooperate and agree, this is often not the case. An attorney can help you work through any financial issues and ensure your assets and your future are protected. Although this can be a frustrating aspect of divorce proceedings, an attorney at López Law Office, P.C. can help you navigate financial issues in an Indiana divorce. 

What Are Common Issues That Couples Disagree on in Divorce?

Couples can disagree on numerous factors in their divorce, including financial burdens and obligations. At López Law Office, P.C., we can help you work through financial issues that you may encounter during divorce proceedings including:

• Debt

Spouses often disagree about who should be responsible for paying off marital debts. During divorce proceedings, the court will determine how much debt the couple has and who should be required to pay these fees. Indiana is considered an equitable division state, meaning that debt will be divided between spouses as fairly as possible. This doesn’t necessarily mean that the debt will be divided equally, however. If a spouse can prove that an equal split of marital debt is unfair, the court may consider a different debt division. 

• Division of Property

In addition to dividing debts between spouses, couples may also disagree about property division. Couples may be interested in financial gains from a certain property or concerned about the financial burdens that the property may entail. Similar to debt, Indiana law abides by an equitable division of property, meaning that the division must be fair, but doesn’t necessarily have to be equal. If couples cannot agree on how they would like to split their property, Indiana law will examine marital property vs. non marital property. While marital property refers to anything acquired during the marriage, nonmarital property is anything that was acquired by either spouse before the marriage began. The equitable division rule acknowledges the distinction between the property statuses; however, nonmarital property can still be equally divided in divorce proceedings. 

• Retirement Assets

Spouses may also disagree about what should happen to their retirement funds during a divorce. Indiana law will help couples split their retirement assets in court and consider it as equitable property. An equal division of retirement assets is not found to be fair in all circumstances. For example, spouses may negotiate assets of comparable value to keep their retirement assets. Additionally, if each spouse has retirement assets that are comparable in value, the court may agree to let each spouse keep their respective accounts. 

How Can an Attorney Help in My Divorce Case?

If you and your spouse are having disagreements about financial issues in court, an attorney can help advocate for you and your needs. Our team can help you fight for a favorable resolution to your financial issues during your divorce proceedings. 

Contact Our Trusted Team Today

Contact our team today if you have questions about the financial matters involved in your divorce. We have years of experience advocating for the financial needs of our clients and achieving positive outcomes.