Senate File 340 - Introduced



                                       SENATE FILE       
                                       BY  COMMITTEE ON JUDICIARY

                                       (SUCCESSOR TO SSB 1093)


    Passed Senate, Date               Passed House,  Date             
    Vote:  Ayes        Nays           Vote:  Ayes        Nays         
                 Approved                            

                                      A BILL FOR

  1 An Act relating to the consideration of inherited or gifted
  2    property in dissolution=of=marriage property division
  3    proceedings and including an effective date and an
  4    applicability provision.
  5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  6 TLSB 1826SV 82
  7 pf/es/88

PAG LIN



  1  1    Section 1.  Section 598.21, subsection 5, unnumbered
  1  2 paragraph 1, Code 2007, is amended to read as follows:
  1  3    The court shall divide all property, except inherited
  1  4 property or gifts received or expected by one party, equitably
  1  5 between the parties after considering all of the following:
  1  6    Sec. 2.  Section 598.21, subsection 5, paragraph i, Code
  1  7 2007, is amended to read as follows:
  1  8    i.  Other economic circumstances of each party, including
  1  9 pension benefits, vested or unvested, and future interests.
  1 10 Future interests may be considered, but expectancies and
  1 11 contingent future interests arising from inherited or gifted
  1 12 property shall not be considered.
  1 13    Sec. 3.  EFFECTIVE DATE == APPLICABILITY.  This Act, being
  1 14 deemed of immediate importance, takes effect upon enactment
  1 15 and applies to all dissolutions granted on or after the
  1 16 effective date of this Act.
  1 17                           EXPLANATION
  1 18    This bill provides that in the division of property under a
  1 19 dissolution of marriage, in addition to the court not
  1 20 including inherited property or gifts received by one party,
  1 21 the court is not to include inherited or gifted property
  1 22 expected by one party.  Also, with regard to the consideration
  1 23 of future interests, the bill provides that expectancies and
  1 24 contingent future interests arising from inherited or gifted
  1 25 property are not to be considered in the division of property.
  1 26    The bill takes effect upon enactment and applies to
  1 27 dissolutions granted on or after the effective date of the
  1 28 bill.
  1 29 LSB 1826SV 82
  1 30 pf:rj/es/88