Sec. 8. (a) In a dissolution of marriage case, the family law arbitrator shall:
(1) divide the property of the parties, regardless of whether the property was:
(A) owned by either party before the marriage;
(B) acquired by either party in his or her own right:
(i) after the marriage; and
(ii) before final separation of the parties; or
(C) acquired by their joint efforts; and
(2) divide the property in a just and reasonable manner by:
(A) division of the property in kind;
(B) setting the property or parts of the property over to one (1) of the parties and requiring either party to pay an amount, either in gross or in installments, that is just and proper;
(C) ordering the sale of the property under the conditions the family law arbitrator prescribes and dividing the proceeds of the sale; or
(D) ordering the distribution of benefits described in IC 31-9-2-98(b)(2) or IC 31-9-2-98(b)(3) that are payable after the dissolution of marriage, by setting aside to either of the parties a percentage of those payments either by assignment or in kind at the time of receipt.
(b) The division of marital property under this section must comply with IC 31-15-7-5.