As divorcing couples prepare to lead separate lives, they must also separate the property that they shared during their marriage. This is no small task and can be the source of intense dispute. It can also be extremely complicated. Asset division in an Iowa divorce isn’t as simple as splitting things down the middle or deciding who gets the house. Large and complex portfolios of assets and debts can take a team of financial professionals to untangle. Determining whether an asset was “marital property” or “separate property” isn’t always so clear. Ensuring that your spouse has fully and truthfully disclosed their financial situation and hasn’t hidden or transferred marital assets takes diligence and a full understanding of the tactics involved in asset concealment.
At Simpson Legal Group, LLC in Council Bluffs, we bring over 20 years of experience to the division of assets in Iowa divorces. From multimillion-dollar portfolios involving a variety of complex liquid and non-liquid assets to couples with more humble finances, we take a meticulous and thorough approach to asset division designed to ensure a fair and equitable distribution of property that leaves our clients well-positioned to move forward with their lives with clarity and security.
Assets are divided in an Iowa divorce using the principles of “equitable distribution.” This means first determining which assets are “marital property” and which are “separate property.” Separate property can potentially consist of premarital asset and gifts and inheritances received by one spouse before or during the marriage. “Separate property” potentially may not be divided and may remain that spouse’s property. Marital property, which includes all other assets acquired during the marriage, will be divided equitably, which does not necessarily mean equally.
To the extent possible, we try to work with your spouse and their attorney to reach negotiated agreements as to how property will be divided. If we can’t, the court will allocate assets between you and your spouse using several factors, including:
While the law requires each spouse to make full and complete disclosures of their assets and liabilities, sometimes one spouse may try to thwart the system by hiding or transferring assets or otherwise being deceptive. We leave no stone unturned to make sure that we have a full and accurate picture of the assets that should be divided and that all marital property is accounted for and properly included in your divorce proceedings.
If you have questions or concerns about the division of assets in your divorce, we are here to help. Our extensive experience with the complicated nuances of asset division allows us to provide you with sound counsel that will assist in the fair distribution of your assets. Please give Simpson Legal Group, LLC a call at (712) 256-9899 to discuss your situation.