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How To Address Personal Property In An Indiana Divorce

On Behalf of | May 17, 2023 | Divorce |

Those who are thinking about the possibility of divorce in Indiana often have to carefully consider what the end of their marriage might mean for their finances. The equitable distribution rules in Indiana protect both spouses’ right to a portion of shared marital assets. Any income acquired during the marriage and any assets purchased with that income will likely be subject to division during divorce.

It is common for people to focus on their biggest assets, like retirement or investment accounts and real estate, when negotiating a property division settlement with their spouse or establishing priorities for upcoming divorce proceedings. Personal property can also sometimes be a challenge to divide appropriately during divorce.

Collections, Wardrobes And Furniture Can Be Worth Thousands

Perhaps the spouses bonded over a mutual love of wine early in their relationship. They may have made a point of adding a few bottles to their home wine cellar every month, along with a few special, more expensive bottles for each anniversary or family vacation they enjoyed together. They may have dozens of bottles of wine, some of which could be worth hundreds of dollars.

On the other hand, perhaps the pair have long fixed up mid-century modern furniture together and have filled their house with very valuable vintage pieces. Those preparing for divorce in Indiana should not overlook the financial value represented in personal property and should instead seek to put a value on everything from their wardrobes to their culinary equipment to ensure that they reach the most appropriate outcome to the property division process.

Those Who Have Clear Priorities Often Have The Best Outcomes

It is very easy for those experiencing the emotional turmoil of a divorce to become distracted by minor issues and embroiled in needless conflict. If people understand what different assets are worth and what has the most personal value to them as an individual, it will be easier for them to focus on their long-term goals throughout the divorce and to avoid unnecessary conflict and expenses. They can choose where to compromise and will more easily recognize if their spouse under-reports their resources.

Seeking legal guidance can help individuals who are preparing for divorce to develop thoughtful priorities and set realistic expectations for the process ahead.