Divorce proceedings can be mentally and emotionally exhausting. Even small disagreements can seem massive because of the emotional tension between two spouses. Dividing property and assets can be a source of considerable tension. Some people want to leave their marriage with the assets they entered the marriage with. Ultimately, many spouse’s goals are to leave their marriage with what they believe they are owed or have earned.
In order to reach the best outcome possible in your divorce, you need an experienced divorce attorney to represent you in your divorce proceedings and advocate for your best interests. The divorce attorneys of Arenson Law Group, PC have been representing clients for years and helped them get their fair share in their divorce so they can move on with their future.
How Is Property Division Determined in Iowa?
During your marriage, you probably didn’t think twice about what was yours and what was your spouse’s. Now that you and your spouse are divorcing, you have to untangle all of your assets or property and liabilities (debt). You’re not required to provide a reason why you’re filing for divorce, and your reasons have no bearing on the determination of the division of property.
Property includes any home or real estate, cars, jewelry, furniture, businesses, bank accounts, cash, retirement accounts, stock, and option portfolios.
Before you and your spouse married, you had your own property. And when you got married, you and your spouse likely acquired property together. Anything, less any gifts or inheritances, that you and your spouse had before and during your marriage must now be divided between the two. Anything that you and your spouse acquired after the date of your separation is considered separate property.
In the state of Iowa, property must be equitably divided between spouses. This isn’t the same as equally divided property. With equal division, shared property is divided 50/50 between spouses. In Iowa, shared property is divided in a fair and equitable way, which may not be 50/50 between spouses. In determining the division of property in your divorce, several factors are considered. These include the length of your marriage, the age and health of both you and your spouse, both of your contributions to the marriage and each other, including financial, child-rearing, and homemaking, as well as pension benefits.
The value of your shared property will be divided between you. For example, if two spouses have shared property totaling a home worth $400,000, a car worth $50,000, and a retirement account worth $300,000, one spouse may be awarded the car and retirement account, and one spouse may be awarded the home. As you can see, it’s difficult dividing assets without knowing the value of the property. This is an important part of dividing property between spouses and can take time — documenting and providing an accurate accounting of all property, including specifying what is shared property and what is separate property.
How your property will be divided and other pertinent decisions about your divorce may be decided in mediation or in court. Mediation is a less formal proceeding where a neutral third party facilitates negotiation between spouses to help them reach a divorce settlement.
The Iowa divorce attorneys of Arenson Law Group, PC can help you catalog all of the property in the marriage and help represent you so that you get your fair share. We will work hard to help you get the property you wish to keep after the divorce.
Why You Need Arenson Law Group, PC Divorce Attorneys
Arenson Law Group, PC has been representing the people of Iowa for over a decade in a range of legal matters, including business and corporate law, litigation, estate planning and probate law, construction law, and in many family law issues.
We are members of the Iowa State Bar and National Bar Association and are admitted to practice in Iowa, federal and appeals courts.
The divorce attorneys of Arenson Law Group, PC have been helping Iowans reach their desired outcomes in their divorce cases. We have years of experience advocating for our clients’ wishes in their divorces, from the division of their property to spousal support and child custody. Our success in representing our clients has earned us recognition from Expertise.com, which named us one of the Best Divorce Lawyers in Cedar Rapids in 2021.
Contact an Arenson Law Group, PC Divorce Attorney Today
If you are going through a divorce, you need a divorce attorney that can help you get what you deserve. Dividing property between you and your spouse can be confusing. The divorce attorneys at Arenson Law Group, PC can help you navigate the complex nature of property division and help you get what you believe you are owed in the divorce. We’re here to help you. Call us today at (319) 363-8199 to speak with one of our attorneys directly about your divorce.