If you are getting divorced in Iowa, you may be wondering how marital property will get divided. Understanding how property is divided can help you make informed decisions during divorce negotiations.
Usually, in a divorce, assets are divided equitably. This means that the court will try to divide the assets in a fair and just manner. However, what’s considered “fair” can vary from case to case.
Factors that affect property division
There are many factors that the court will take into account when dividing assets. One of the most important factors is the length of the marriage. If you remained married for a short time, you may be more likely to receive a greater share of the assets. Another important factor is whether you have children. If you do have children, the court will usually try to keep their best interests in mind when dividing assets.
Thirdly, the court may also look at each spouse’s financial needs. If one spouse has a significantly higher income than the other, they may get ordered to pay more support. Lastly, the court may consider any contributions that each spouse made to the marriage. This can include things, like working to put your spouse through school or staying home to care of your children.
Are all assets subject to equitable distribution?
Generally, all assets that were acquired during the marriage are subject to equitable distribution. This includes things, like the family home, vehicles, retirement accounts, and savings accounts. However, there are some exceptions. For example, an inherited property is usually not subject to equitable distribution.
Also, property that you acquired as a result of a personal injury lawsuit may not be subject to equitable distribution. If you are unsure about whether a particular asset is subject to equitable distribution, you may want to do some research to avoid any surprises during divorce negotiations.
Ultimately, the court has a lot of discretion when it comes to dividing assets in a divorce. If you are getting divorced, you should try to learn as much as you can about the process to make sure that your interests remain protected.