Resolving Asset And Debt Division In Divorce Cases
Property division is one of the most hotly disputed parts of the divorce process. With both assets and debt subject to possible division, the terms of a property settlement can have a significant impact on your financial future. It is important to have an experienced lawyer on your side to help ensure that your interests remain protected in this process and to ensure that any property division agreement is fair and equitable.
Over Two Decades Of Divorce Experience
I am Debra Hockett-Clark, a Des Moines area attorney who helps with all aspects of divorce cases, including asset and debt division. With more than 20 years of experience handling family law cases in Iowa, you can rely on me to advocate strongly for your goals. Call 515-650-4608 for a free initial consultation to discuss your situation.
Classifying Assets And Debts For Division Purposes
In order to equitably divide assets and debts, it is necessary to classify them as either being marital or separate. In theory, this should be simple. Separate property is property that either party owned before becoming married. Marital property is nearly anything else acquired by either spouse over the course of the marriage, including debt taken on by any spouse. However, separate property can turn into marital property if assets are commingled.
Three Types Of Separate Property
Further complicating matters is that there are three main types of property that may be classified as separate property. Premarital property, or property that was brought into the marriage, may be considered as separate property, although it may also be subject to division if that is what is required to make the division equitable. Property that is received as a gift to one spouse is considered to be separate property as well. Finally, property that is acquired as part of an inheritance is considered to be separate, unless one spouse can show that there is a basis to consider it as a marital asset.
The accurate identification and classification of property is essential to reaching a fair property division agreement. I understand how to accurately identify and classify property to help you achieve an equitable settlement. I also understand the various factors that need to be taken into account when working toward a property division agreement, including the length of the marriage, your individual income and any contributions you may have made toward your marital property.
If You Have Questions About Dividing Debt In Divorce, Contact My Law Office
I am prepared to discuss what you can expect when it comes to dividing property in your divorce case. Contact me online or call 515-650-4608 to schedule a free initial consultation. For your convenience, all major credit cards are accepted.