The Des Moines Register recently ran an article about how divorcing couples should take steps to ensure fair division of assets and debts. This is how the Iowa Court approach the subject too and follows an "equitable distribution" scheme. Despite avoiding the "community property" label, famous in states such as California and whereby the parties automatically each receive 50%, "equitable distribution" usually ends up at the same place but takes into consideration many factors and allows the Courts discretion to award one spouse a bit more than the other.
The article states that one of the worst mistakes couples make is to drag out the divorce in hopes of securing more money. Another mistake is to hang onto the house at all costs. This can be a huge economic noose around your neck especially if you are relying on alimony or child support to pay the mortgage. If the payor falls behind you are placed into a precarious position.
Other mistakes include failing to make a clean financial break. Order your credit report to make sure all debts are accounted for and allocated. Finally, forgetting to change your Will , power of attorney and beneficiaries on life insurance or retirement accounts can perilous especially if you remarry.
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Jennifer Jaskolka-Brown, an Iowa attorney located at 6601 Westown Parkway, Suite 200, West Des Moines, Iowa, (515) 247-4705, practices in general civil litigation with an emphasis in Iowa Family Law issues. She provides guidance in family law matters from divorce, paternity, disestablishment of paternity to adoption,and guardianships. She also provides representation in a wide-variety of civil litigation issues.
