Splitting Up a 401(k) in a Divorce
In Indiana, Courts presume a 50/50 division of the marital property is just and reasonable, however, the presumption may be rebutted if the evidence is presented that more property should be attributed to that party.
Marital property includes “all” property owned by the parties, including property owned individually, jointly, inherited or acquired before or during the marriage. An individual’s 401(K), other retirement accounts, financial accounts, business, real estate, vehicles, and personal property are included in the “marital pot”, which the Court initially presumes will be divided 50/50.
In order to rebut the 50/50 presumption, the Court looks at certain factors provided in IC 31-15-7-5. These factors include:
- The contribution of each spouse to the acquisition of the property;
- The extent the property was acquired before the marriage OR through inheritance or gift;
- The economic circumstances of each spouse;
- The conduct of the parties during the marriage with respect to disposition or dissipation of assets; and
- The earnings or earning abilities of the parties.
Whether you are seeking a 50/50 division of marital property or a deviation thereof, it is vital that you hire an attorney that understands how to value property and the statutory factors the Court considers when determining an appropriate division of property. We’ve represented many clients or unfortunately met with people after the fact, whose prior attorneys did not know how to properly value property such as a small business, business goodwill, income-producing real estate, vested pensions with future payments, etc… OR how to properly apply and argue the above statutory factors, leaving 10s if not 100s of thousands of dollars on the table.
At Webster & Garino LLC we not only understand how to value property, but are experienced in advocating the statutory factors the Court considers when determining an appropriate division of marital property.
Contact Webster & Garino LLC to ensure your assets are protected by the best divorce lawyers in Indiana.