December 6, 2013. The assets and debts of property must be given a value so the court can determine how to divide them. Typically, the value date is the date of trial. If the parties have been separated for a long time, the court may consider an alternate date to the past to value the asset, such as the separation date. Iowa law requires both parties to disclose their financial status by completing financial affidavits.
Courts will often hear from experts on valuing assets, such as the marital home. If a business is being valued, it is necessary for your attorney to work with CPA’s and business experts to determine the value of marital assets.
The courts will be tasked with equitably dividing all assets and liabilities. Courts try to award lesser amounts of a business to the non-operating spouse to permit the operating spouse to retain ownership and manage the farm or business as a single economic unit. If there are other assets to permit an almost equal split, the court will do so. For more information on family law contact Goosmann Law at info@goosmannlaw.com or by calling 712.226.4000.