The divorce process can lead to heavy conflict, with many difficult decisions being made each step of the way. One source of contention is often dividing financial and real estate assets, with both parties advocating for their fair share.
Iowa law allows the court to consider a variety of factors to determine how assets will be split at divorce. Unlike some states, property is not considered “community property”. Therefore, there is no assumption that all assets will be distributed 50/50. Depending on the circumstances, one party may receive a significantly larger portion of some or all of the assets.
During distribution, the court will consider all assets that were obtained during the course of the marriage. If a party owned assets before married, the court may weigh that asset in the individuals favor- particularly if the marriage was short in duration. Additionally, any personal gifts or inheritances may not be considered shared.
Factors that the court will consider when determining how marital assets shall be split include the length of the marriage, the property each person brought into the marriage, contributions to the marriage including homemaking and childcare services, age, physical health, earning capacity, and other factors determined by the court to be relevant. The length of the marriage is often heavily weighed because of the reliance both parties have on the other and the significant commingling of assets that occurs during a long-marriage.
The attorneys at Simpson, Jensen, Abels, Fisher & Bouslog, P.C. are experienced in handling complex divorce issues. We understand the unique challenges of divorce and the high stakes in the division of martial property. Contact us at (515) 288-5000 to discuss your case with our firm.
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