Property Division FAQs
Especially if you and your spouse own substantial assets, property division during divorce can be challenging. It is very common to worry about whether you will get to keep certain property that is especially important or valuable to you. Here are some frequently asked questions about property division we receive at Carr Law Firm P.L.C., P.L.C.
Do all of our assets just get divided in half?
No. Iowa is an equitable division state, which means property division is based on what is fair, rather than splitting all your shared property in two. If you are able to come to an agreement with your spouse, you can determine what is fair. Otherwise, a judge will decide.
Can I keep my house?
It depends. If you have children and will be the primary caregiver after the divorce, you may be able to keep the house. However, if your spouse bought the house before you were married, it will be harder to keep the house.
What happens to my retirement account?
Retirement accounts are both usually considered separate property, which means they are not typically divided during divorce. However, they may still be divided through a qualified domestic relations order.
What about inheritance?
Inheritance may be considered separate property — if you’ve kept it separate. However, it may become trickier if you deposited an inheritance in a joint account.
Get The Rest Of Your Questions Answered
Call our office in Des Moines at 515-259-1389 or contact us online to schedule an appointment with a lawyer. We offer free initial consultations, at which you can learn more about how we can ensure a fair property division during your divorce. One of our founding attorneys has a background in economics, which helps him work toward the best possible outcome for clients during the property division process.