When a couple divorces, the division of assets in Utah become a difficult situation to handle. The law demands that all marital property must be divided equally among the partners. Therefore, if the partners can’t negotiate a settlement, then they will ask a court to divide all their marital property. One thing you need to remember is that equitable division, in this case, doesn’t necessarily mean that the division of assets in a divorce must be equal. The court will listen to both parties and the circumstances surrounding the divorce to decide on a fair division strategy depending on each partner’s contribution and their future needs.
Marital Property vs. Separate Property
Marital property refers to the property that acquired or earned during your marriage including all the earned income. Division of assets attorney says that property which is used for the overall benefit of your marriage may also be considered as marital property even if it started out as separate property.
On the other hand, separate property refers to anything that belonged to one partner before marriage, and it was kept separate throughout the marriage. This may include an inheritance that you’re the wife received from a family member or a gift that was made to a husband.
Factors that Affect Asset Division in Utah
As mentioned earlier, valuable assets division is not always a 50/50 affair. Several factors come into play while determining who will get what after the divorce. Here are some of the factors that affect asset division in Utah:
- Age and health of each spouse: Health and age of each marriage partner form part of their employability or business opportunities. Typically, the older spouse will have an advantage although it may also depend on other factors.
- Earning power of each spouse: This includes a broad range of other things such as employability, level of education, and business opportunities.
- Children: the custody of children is always a big deal in any divorce, and it also plays a critical role in the division of assets. Whoever gets custody of the children will have higher bargaining power for more assets.
- Each partner’s occupation: The occupation is part of the earning power, and enterprise opportunity and several aspects will be considered, especially if one partner was responsible for taking care of the home and children.
How Assets Are Divided In a Divorce in Utah
Utah law requires an equitable division of assets in divorce and in this case, equitable means fair division. Even if the parties agree on how to share their property after a divorce, a judge must review the deal to ensure that the sharing is fair. A division of assets Utah attorney will also play a critical role in the division of assets process. A valid premarital agreement may also establish the sharing of property among the spouses. However, this agreement may affect both marital and non-marital property. Throughout the division of assets process, spouses can also agree on selling certain assets and dividing the proceeds.
SLC, Utah Division of Assets Divorce Attorney Wall & Wall Attorneys at Law Can Help
Contact Wall & Wall Attorneys At Law today for professional legal assistance regarding the division of assets in your divorce case. We offer free consultation and case reviews. You will have someone by your side who will listen carefully to your situation and personally represent you in court to resolve your matter. We have over 190 years of combined legal experience in divorce and family law related issues. Give us a call today at 801-639-9621 and let us help you.