Iowa law provides that all property of the marriage will be equitably divided in your divorce. Accordingly, any property you purchased or acquired during the course of the marriage will most likely be subject to equitable division in the divorce proceeding.
What does “equitable” mean? Equitable division is what would be fair and reasonable, not necessarily equal, in your particular divorce proceeding. The task of dividing property included in the marital estate can be broken down into the following three steps:
- Identification– What assets and liabilities of the spouses are subject to division?
- Valuation– What is the value of each asset and liability?
- Division– What is an equitable division of the assets and liabilities?
For a better understanding of what property will be considered marital property that can be divided in your divorce proceeding, 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.