Culp, Doran & Genest, P.L.C
Contact Us Today
Phone: 515-288-3333
Toll Free: 877-515-6615

What will happen to my property during divorce?

Ending a marriage usually raises many questions that you may have never thought of before. What does separate property mean? How does equitable distribution affect my property? Will my ex get most of our marital belongings? Understanding the answers to these questions can be essential for reaching a successful divorce agreement.

In Iowa, marital property is divided according to equitable distribution. Many people wrongly equate the word equitable with equal, and are surprised to learn that they will not receive an exact 50/50 split of the assets. Instead, you and your soon-to-be ex can both expect to receive a portion of your marital assets that is considered most fair. For some this might indeed a 50/50 split, while an equitable split for others might resemble something closer to 40/60.

Before you even reach the point of asset division, all of your separate property, marital property and debt must be identified. Separate property -- which belongs to solely you -- is not part of asset division, and usually includes assets such as gifts, inheritances and more that have not been commingled. After all of this property has been identified, it must then be valued. Working with experienced appraisers and accountants can be important for making sure that you receive your fair share.

Emotions tend to run high during divorce, and it is not uncommon for tempers to flare during asset division. However, taking a careful, informed and measured approach to dividing up your marital assets provides a firm foundation to reach the best agreement possible. If you still have more questions about how equitable distribution is handled in Iowa, more information can be handled here on our site.

No Comments

Leave a comment
Comment Information