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50 Northcrest Drive, Council Bluffs, Iowa 51503

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Property in your Divorce: Part V – Remember one key point: One asset can have more than one property type classification.

By Dec 31, 2017 Posted in Articles

In the last several weeks we have learned about the various classifications of property in your divorce—premarital property, gifts and inheritance and marital property.  It is important for any person going through a divorce to understand that the courts can view one asset as having more than one classification. For example, a house can be purchased before marriage by one party (premarital) but it had a loan on it when the parties married. During the marriage the parties made loan payments on the home, up to the time of their divorce. The home could now be potentially determined by the court to have both a premarital component and a marital component. Every asset of the marriage must be looked at to determine this issue. It is important that you talk to a family law attorney to help you determine how your property will be viewed by the courts. Should you require additional information on this topic, please feel free to contact Simpson Legal Group, LLC at (712) 256-9899.

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50 Northcrest Drive, Council Bluffs, Iowa 51503
Phone: 712.256.9899

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