Iowa law requires divorce property settlements to be considered equitable to both parties. What this means is that both parties to a settlement receive what they need to support themselves on their own. In some cases, this may mean that one partner receives a greater share of marital property in addition to child or spousal support. There are many factors that determine whether or not a settlement is equitable.
Earning capacity
If you earn $1 million per year while your former partner makes $30,000 a year, your partner might get a greater share of the marital estate. You may also be required to pay alimony or child support even if custody is split 50/50. If your spouse gets a higher paying job, wins the lottery or receives an inheritance, you may be able to seek changes in a divorce settlement at a later date.
Physical condition
A disability may make it difficult to work or to finish a degree. Therefore, you may be entitled to a greater share of a martial estate if you have a physical or mental health ailment that makes it difficult to support yourself. You may be required to show proof of your condition as well as provide evidence that it is something that you won’t be able to recover from.
Other factors
If you have a prenuptial agreement with your spouse, its terms will typically dictate how assets are split. For instance, it may stipulate that you get to keep the family home while your spouse gets a greater share of retirement savings. You may also be entitled to financial assistance if you are a child’s primary caregiver or otherwise need assistance while you go to school or look for a job.
A divorce may have a significant impact on your physical, financial and mental health. However, taking a proactive approach to the settlement process may make it easier to get a deal that provides for your needs now and in the future.
