Divorce can have a massive impact on anyone’s life. In a very short time, your relationship status, living situation and parenting schedule can undergo a dramatic shift.
Property division is usually one of the most contentious issues during divorce. Yet, it is not uncommon for a divorcing couple to make costly mistakes that can affect what they take with them from their dissolved marriage. Here are a handful of mistakes you need to sidestep while going through a divorce.
Allowing your emotions to control you
Wanting to get done the divorce over quickly often results in rash decision-making. So, too, is letting anger and bitterness take control of you. Disappointment and frustrations are natural and often part of the divorce process. However, they can also cloud judgment and result in choices that are not in your best interest during property division. Also, using divorce as a tool for retribution or punishment is never a brilliant idea.
Failing to establish the value of major assets
Some marital assets like a joint bank account or a loan debt are easy to value and divide. However, dividing up the home and family car can become complicated. While these assets may have a specific value on paper, they are never easy to liquidate. It is important that you work with your future ex to establish the value of each item for purposes of a fair division.
Trying to hide assets
This is a very important component of the divorce process. In Iowa, the court splits all the shared assets and debts in accordance with its equitable distribution law. Besides hurting your case, attempting to hide assets can also expose you to potential sanctions and criminal charges.
Divorce can be a difficult period for everyone involved. If you have decided to dissolve your marriage, it is important that you seek professional help to ensure that all marital property is shared in accordance with the applicable laws.