Spouses commonly question what will happen to real estate property during divorce proceedings.
Before you start the process, it may help to understand the concepts and rules that govern the division of property during a divorce in Indiana.
Indiana marital property law
According to state law, when couples divorce in Indiana, all property belongs to both of them. It does not matter who’s name is on the deed or title or if they purchased the property prior to marriage. Therefore, if you own a vacation home with your spouse, 50% of that property belongs to each of you in the event of a divorce.
However, there are certain factors the court can consider, including whether the property was a gift or inheritance or what the earning abilities are of both parties.
Equitable division of property
Indiana is also an equitable division state. This means that the court will distribute property between ex-spouses based on a standard of just and equal distribution. Just and equal is not always an even division. However, if one spouse chooses to claim something other than an even 50/50 split, they are responsible for providing evidence to support that claim.
To divide real estate, the court could award one spouse ownership of the home and require them to pay the other spouse a certain percentage of its value to buy out him/her. The court may also award the vacation home to one spouse and offset a percent of its value somewhere else in the division of assets.
Facts are an important part of divorce proceedings, which is why keeping documentation is crucial.