Many young people in Indiana are choosing not to fully combine their finances, even when they decide to get married. According to one survey, over one-quarter of all millennials are opting to keep two separate bank accounts after marriage rather than launching a joint account. This is more than double the number of couples from older generations who manage their money in this way. There are a number of reasons for the change, including the fact that many couples both have strong careers. In addition, online apps make it easy for people to quickly transfer money from one person to the other without delay.
The diverse team at Devries & Kelly have faced many of the situations that lead Indiana residents to seek out an attorney, and we call on these experiences every day to help our clients deal with the legal and emotional challenges of life's toughest moments. Our people are passionate about helping others, and we represent white-collar workers, blue-collar workers, entrepreneurs and homemakers with equal zeal.
How the financial aspects of a divorce are handled plays a significant part in the individual lives of the parties as each person moves forward to a new beginning. The division of property is generally understood by Indiana residents as meaning assets, but it also includes debts and obligations. Sometimes lost in the big picture is the impact that property division can have on the ex-spouses' credit post-divorce, but it is a mistake to ignore the potential consequences.
When Indiana couples decide to divorce, they may frequently consider the immediate financial issues, from dealing with spousal support to dividing property. At the same time, it is important to note that divorce can have a significant effect on both parties' retirement, even if that milestone remains years ahead. In many cases, retirement accounts and pension funds may be some of the largest marital assets to be handled in property division, and both parties may find themselves needing to dramatically escalate their retirement savings after a split.
When a married couple who owns an Indiana business decides to get divorced, they could be in quite a bind. They might decide that they do not want to dissolve the business partnership along with the marital partnership. Deciding to keep running a business after a divorce is an unusual choice, but it is one of the options available. More commonly, one spouse will keep the company or the couple will agree to sell it.
Married couples in Indiana who choose to get divorced will likely need to figure out what to do about the marital home. The first step in making a decision is determining how much the home is worth. That can be done by getting an appraisal, and each spouse should get their own appraisal to ensure that it is done in an accurate manner. Once the home's value has been determined, a couple can choose how to split the equity.
When a married couple in Indiana decides to get a divorce, one thing they will have to work out is what to do about joint debt. Credit card companies are not subject to the provisions of the divorce decree. Therefore, creditors may pursue jointly held debt from one spouse if the other one does not pay even after the divorce.
Changes in tax law may affect Indiana couples seeking a divorce in the year to come, especially those with significant assets to divide. Almost everyone faces extra expenses during and after a divorce, but the tax consequences of the end of a marriage can last for years to come. For couples who have a significant difference in income or have been married for a long time, spousal support can be an important part of the divorce agreements. This is especially true when one spouse has given up their career aspirations to support the other spouse or raise the children of the family.
People in Indiana who are over the age of 50 and getting a divorce might be concerned about retirement. However, there is a number of other financial issues they should be aware of as well.
A divorce impacts both people involved in every possible way. In addition to going through emotional turmoil, both parties will also need to account for all marital assets and prepare for property division. This includes real property, works of art, savings accounts, retirement accounts and business interests.