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Is keeping the house the best goal in an Indiana divorce?

On Behalf of | Mar 13, 2024 | Divorce

Someone preparing for divorce in India likely understands that their financial circumstances are about to change drastically. Divorce proceedings typically mean a division of personal property, as well as a reallocation of shared debts.

Someone preparing for divorce in Indiana may, therefore, try to learn the basics about the process, such as the approach the family courts take to property division matters. Indiana, like most other states in the country, utilizes an equitable distribution rule for the division of marital property. In other words, if the courts divide assets and debts, the main objective is a fair outcome.

The income and property accumulated during the marriage could be subject to division. Spouses may disagree about what is fair, particularly when negotiating matters related to their most high-value property. The home where they live together might represent many years of savings and diligent maintenance. Should someone preparing for divorce fight to keep their marital home?

Staying at the home isn’t always necessary

If the courts award possession of the home to one spouse, the value of the home likely factors into how the judge divides other assets or how the courts divvy up responsibility for shared debt. Valuable assets or home equity withdrawn during refinancing are ways to ensure each spouse receives a portion of what the home is worth. The equitable approach to sharing the value of marital home may require creative solutions in some cases.

Typically, neither spouse has to worry about completely losing their interest in the property. They should therefore determine whether they want the home or not based on their ability to afford and maintain the property. Some people can handle the challenges of sole property ownership, while others might find the prospect daunting. Child custody matters, someone’s overall health and their current income can all factor into whether keeping the home is the right goal.

People who stay focused on specific terms that should benefit them when looking at the big picture of post-divorce recovery often achieve the most favorable results in their divorces. As such, making pragmatic decisions about major assets and other key divorce terms may benefit those preparing for the end of a marriage in Indiana.