A deepening sense of commitment and mutual support often marks the golden years of marriage. Still, when one spouse’s health begins to decline, the relationship can become increasingly strained. Divorce may seem like an unthinkable option, but for some couples, it may be the most compassionate choice of all.
Reaching a fair settlement for both parties
Indiana law requires equitable distribution of marital assets during divorce. The courts must balance the needs of both parties, considering factors such as:
- The duration of the marriage
- The financial capabilities and resources of each spouse
- The health status and age of both spouses
- The lifestyle maintained during the marriage
When one spouse is ill, the usual concerns are how much the ongoing medical care and assistance would cost, whether there is a potential need for care facilities and how this split will affect retirement savings and pensions. This legal intricacy remains even when dividing assets for high-net-worth couples.
The expenses for long-term care are often high, which can eat away even at substantial assets. This may put the ill spouse’s financial future at risk. For this reason, the courts may consider provisions such as continued health insurance coverage, allocation of assets to cover medical expenses or structured alimony payments.
It is crucial to understand that Indiana law does not automatically favor the spouse needing care. In most cases, the courts will aim to protect the interests of both parties.
Acquiring legal help is essential
Other issues are unique to high-asset divorces, regardless of whether one spouse requires significant care. These might involve addressing pre- or post-nuptial agreements, managing business interests or addressing tax implications related to asset division.
The key is often a mix of careful planning, experienced legal guidance and a compassionate approach. Through this, couples can find solutions to ensure a dignified and secure future, even as they part ways.