When most couples marry, they slowly and unwittingly merge their financial, business, and personal lives together. They may have a car loan on a car purchased for the husband, but as time goes on, it makes sense for the wife to drive it, such as if one car dies and the husband gets a company car. A joint account may be equally contributed to or each party’s paycheck goes into it and is used to pay for all bills. Parties, in fact, have rituals for who pays what and how the household is handled that are unsaid and unwritten but ...
Tag: marital estate
May 28, 2020CD
In a Divorce, Am I Entitled to Half the Value of Property Titled with My Spouse If It Creates an Unequal Division of Assets? Maybe? This is a common question as many people logically think if the mortgage/deed and title to a car is in both names, half the value belongs to each spouse on divorce. This brings us three closely related legal concepts that were all recently addressed in a key case decided by the Court of Appeals on November 7, 2018. This case and how it answers this question is the topic of this blog post. The most important legal ...
November 15, 2018CD
In some divorces, there is “foreign” real estate within the total marital estate1. Typically, this falls into one of three categories: (1) a timeshare or some other similar factional ownership; (2) a home or property sited in another state; or (3) a home or property located in another country. Under the Indiana Divorce Act—Indiana’s body of law that guides judges in divorce proceedings—all such real property is subject to the jurisdiction of the divorce court and must be divided. This blog covers the unique legal concepts and issues related to “foreign” real property. The most common type of marital asset is ...
January 8, 2018CD
From time-to-time, we all hear news stories about large weekly or monthly alimony awards provided to a spouse during and following divorce. The point behind alimony is to maintain that spouse and/or children in a lifestyle similar to what they had been living after a divorce is final. However, every state has different divorce laws and policies, including Indiana. This blog covers what you need to know about “alimony” at and after a divorce in Indiana. As an initial matter, you should know that Indiana does not have “alimony” as you might envision the concept from what is sometimes heard on ...
December 28, 2017CD
Marriages fail for many reasons. There are no longer fault-based divorces in America. This means that a spouse no longer has to prove “fault” such as adultery—an affair--to obtain a divorce. This is a different legal concept than “waste”—when a spouse uses assets and monies to support illicit or illegal acts that reduce the amount the trial court has to divide in a divorce. The presumption is an equal division on divorce. This blog post introduces the complex legal analysis that may ensue with marital waste. However, many illicit and illegal acts, such as gambling, may explain why a spouse has ...
November 6, 2017CD
The Use of Forensic Accountants and Private Investigators to Find Hidden Assets in Divorce In Indiana when you file for divorce, there is a rebuttable presumption that the Court is to divide the marital estate or assets 50/50. Sometimes there are allegations that a party has hidden monies and other assets of the marriage that has to be divided. There is a rule that the division of the marital estate cannot exceed its entire value.1 This means that if the total value of the marital estate is a liquid sum of $100,000, and the court follows the presumption, each party would receive ...
November 3, 2017CD
The benefit of a high net worth divorce is there is generally money to divide to allow the divorcing spouses to live a comfortable lifestyle after divorce; however, this type of divorce litigation often presents with the form of complex financial, tax, and legal questions. If so, these are necessary to be answered with relative precision before and at trial so the parties can best litigate their legal positions and the trial court has sufficient evidence to divide the marital estate in just and reasonable manner.1 This blog covers four of the challenges that routinely occur in a high-asset divorce, although ...
April 10, 2017Adam Hayes
Fortunately, Indiana has a strong and growing economy with little debt. For this reason, along with its central location, many marital estates are in excess of one million dollars. Divorcing parties in this situation are fortunate in that they likely have enough money to properly account for the basic cost of a divorce which is a complex legal transaction (including tax issues, determining finances through a financial declaration, attending a parenting class, and valuing and dividing assets that were often not contemplated to be divided). With the high asset divorce, there are two great challenges facing lawyers and their clients. The ...
March 6, 2017Adam Hayes
In many cases, a martial business ranging from a minority stock ownership in a business, such as a car dealership, to a physician practice, may be a large source of marital income. However, when a divorce is filed, there are three major problems a spouse may face with such in maintaining what he or she believes is a just and equal division and maintaining a lifestyle as if the divorce had not occurred. This blog addresses three key problems in high-asset divorces or where there are high-income earners. First, with certain businesses, the value of the business is the goodwill of ...
February 9, 2017Adam Hayes
One of the most uncertain times in life is deciding to get a divorce and end a marriage. The list of items that must be done to effectuate this is lengthy and runs from locating tax returns to potentially finding a place to live. During this time, it is also easy to feel overwhelmed by everything and anything. This blog provides three key steps to make and/or gather for a smooth divorce—so you can focus concern with productive actions. The first is to get a realistic financial picture of where the marriage estate stands. Ordinarily, if you gather tax returns ...
August 31, 2016Adam Hayes