Division of property between spouses is a difficult issue to resolve during a divorce. There are two different systems in place that each state uses for property division: Community Property or Equitable Distribution.
No matter which system is used, each state has its own guidelines for dividing marital property. You should seek legal advice from one of our experienced attorneys as this is a complicated area of family law.
Contact a Iowa family law lawyer representing clients in Marshalltown, Iowa today to schedule your initial consultation.
Community property is a system of property division in which all property is divided equally, regardless of whose name it is in, that was acquired during the duration of the marriage, not including inheritances and gifts in some jurisdictions.
There are nine community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. In these states, property that was acquired prior to the marriage stays with the party who acquired it. Although some community property states permit equitable distribution where justice is served, rules vary state to state and are filled with exceptions.
In equitable distribution states, all property, whenever or however acquired, regardless of legal title, is subject to equal or unequal division. "Equitable" does not mean equal. Courts strive for a fair division between the parties and take into consideration several factors to make that determination.