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How does Iowa divide assets in a divorce?

On Behalf of | Jun 3, 2020 | Divorce, Family law |

If you are considering a divorce, one of the biggest issues on your mind is the division of your property, assets and debts. You wonder what your finances will look like after the court finalizes your divorce. You worry that you will lose your hard-won assets.

Iowa has a set of laws that applies to every divorce in the state. Although the circumstances of your divorce are unique, you can get a better idea of what your divorce arrangement will look like by learning about Iowa’s property distribution laws.

Equitable division: how will it affect me?

Iowa is an equitable property state. This means that spouses must divide all marital assets, or assets acquired after the marriage, in an equitable manner. Equitable does not necessarily mean fifty-fifty. It means that you and your partner must divide your marital assets fairly. One of you may receive more assets than the other.

Factors that the court will consider

While couples do have the option of arranging a private divorce settlement, some cases end up going to trial. At trial, a family law judge will divide the couple’s marital estate. Courts consider several factors when issuing property distribution decisions. These include:

  • The length of the marriage
  • The contribution of each spouse to the marriage
  • The assets and debt that each spouse brought to the marriage
  • Each spouse’s earning potential
  • The tax implications of the divorce arrangement

Whether you wish to resolve your case in private or at trial depends on how well you and your spouse can work together, the state of your assets and the advice of your attorney.

What will my future look like?

Now that you have a better understanding of our state’s divorce laws, you probably still feel daunted. No doubt, you wish to know what kind of divorce arrangement you will have. Every divorce settlement is unique, and there is no way to determine your outcome by simply reading an article. To receive a more accurate assessment, you can consult a lawyer who has handled many Iowa divorces.