Many decisions have to be made when you decide to file for a divorce. Some of them have to do with the property that was acquired during the marriage. This can include a variety of assets, such as the marital home, vehicles, furniture, jewelry, tools, electronics, collectibles and many others.
One of the first steps in Indiana property division is determining what property belongs to the marital estate. Some property can fall into that classification even if only one spouse’s name is on it. Understanding a few things about property division is beneficial for anyone going through this situation.
Why does conflict occur?
Conflict during property division is the result of various things. In some cases, it might be because of the value of an asset, but it’s also possible that the emotional tie to the item is what’s causing a dispute. Even sentimental items like family pictures or keepsakes can lead to contention during the property division process.
Disputes about the source of an asset are also possible. If there isn’t a clear purchase history or if there’s a disagreement about whether marital funds were used to maintain the asset, it can be challenging to determine if it’s a marital asset that needs to be part of the property division process.
What happens to marital debts?
When you’re going through property division, you have to divide more than just assets. You also have to divide marital debts, which can be just as challenging as asset division. One challenge to consider is that creditors aren’t bound by the division, so they can still hold both parties accountable for the debts. This could lead to negative marks on your credit report if your ex doesn’t pay.
The property division process requires careful thought, which may be difficult to do during the divorce. Working with a legal professional familiar with your circumstances may be beneficial, given all that is at stake in this complex process.