When a couple is getting divorced in Indiana, the permanent ownership of their assets can be a hot topic. Many times, each person feels as though they are the rightful owner perhaps because they funded the majority of an asset or were the mastermind behind an investment. However, decisions about who gets what often are not as easy as people think they should be and take time and analysis for courts to determine.
According to Forbes, the separation of both property and assets is not limited to money in a shared bank account or the property where the couple shares a home. In fact, negotiations about which person will acquire which assets often apply to retirement savings, liquid assets, property, inheritance benefits and even liability for any outstanding debts a couple has.
The property, in particular, can be a tricky thing to settle. According to housing.com, in situations where the couple shares joint ownership of their home with both of their names appearing on the title, a decision may be negotiated much faster. These couples have the option of selling their home and splitting the proceeds or an agreement can be made that one person will buy the other’s portion and maintain sole ownership of the home.
In situations where only one spouse’s name appears on a title, the outcome of the property division can be more complicated. When a wife’s name appears on the title and the original decision was made to acquire better interest rates based on the wife’s credit score, or lower registration fees, the wife can maintain ownership of the home. However, if the husband can prove in court that he was the one who purchased the home and his wife’s name merely appeared on the title, he may effectively be able to secure a portion of the home in negotiations. When the home’s title is in the husband’s name, it is often because the husband bought the home and, in these cases, the wife is not legally entitled to any of the proceeds from the home.