Such property, along with any assets acquired before or after marriage, is considered the separate property of the acquiring spouse. While gifts given to one spouse by a third party are considered that spouse's separate property, gifts given by one spouse to another spouse are considered marital property subject to the laws of equitable distribution. Not necessarily. While a court may consider title as evidence of separate property, title in and of itself does not determine whether an asset is separate or marital property.
An equitable division of marital property is not always an equal division. Rather, the court will divide property between spouses in a way that it considers fair.
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In other cases, however, the judge may decide to award one spouse a greater percentage of the marital property. A court will review a number of factors in determining how to divide marital property. For example, a court may consider:. A court typically will not consider adultery, alcohol and drug abuse, domestic violence , or involvement in other criminal activities when making an equitable distribution of marital property. A spouse's behavior will be relevant, however, if it impacts the couple's finances. Thus, a spouse who is caught hiding or fraudulently transferring marital assets may be awarded a smaller percentage of the couple's estate.
Marital property is typically valued by its fair market value at the time the marital litigation is filed or commenced. However, because a period of months or years may elapse before a divorce decree becomes final, some states allow the parties to share in the appreciation or depreciation of marital assets between the date of separation and the date of divorce. Last updated September Divorce Contents.
For example, a court may consider: The financial condition and earning power of each spouse.
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The value of each spouse's separate property, including a spouse's business , business interests, retirement plans, k plans, stocks, bonds, etc. The degree to which each spouse contributed to the acquisition of marital property. The degree to which each spouse contributed to the education and earning power of the other spouse. Future financial needs and liabilities of each spouse.
The ages and overall health of each spouse. The liquidity of marital property. Premarital and prenuptial agreements. Spousal maintenance or alimony obligations. First Steps for Divorce. No Fault vs. Fault Divorce. Property that is gifted to or inherited by a spouse are not subject to equitable distribution, meaning you get to keep them if you were the recipient or you inherited and are not required to share them with your spouse, see Iowa Code Section Factors the court considers in distributing property in Iowa dissolution cases : Which party brought the property into the marriage?
Age and physical and emotional health of the parties.
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Length of the marriage. The contribution of each party to the marriage including income, homemaking and child care. The contribution by one party to the education, training or increased earning power of the other. Earning capacity of the parties including. Educational Background and training. Employment skills and work experience. Length of absence from the job market. Custodial responsibilities for the children.
Judges prefer that the parent with primary physical custody remain in the family home for the benefit of the kids. How much child support if any will be paid and for how long. What pension, k, IRA etc. Tax circumstances for the parties. Written agreements the parties have concerning property distribution. The provisions of an antenuptial agreement if there is one. Some of these states may order one party to use separate property to make the settlement fair to both spouses.
Dividing up property yourselves If you and your spouse are going to try to divide your property yourselves, here are some steps to get you started: List your belongings. Working together, make a list of all of the items that you own jointly. Of course, you can omit items both of you agree are personal things of insignificant value.
Value the property. If there is a house, a business or anything that's difficult to value, get an opinion about that from some agreed-upon outside authority.
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Decide on the logical owner. Now go through your main list, item by item, and decide whether there is some good reason to have each piece of property go to one or the other of you. Start with the biggest value items and see how far you can get. Get the judge's approval. If you and your spouse can agree on dividing the property you own together, the court will normally approve whatever agreement you've reached.
The only exception is when a party who doesn't have a lawyer seems to have agreed to take a lot less than half of the property.
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