If you are going through a divorce, you need to understand what assets the court can divide and how they determine the division. In Utah, property division must be equitable, which does not necessarily mean equal. The judges in your case will have the freedom to decide the final outcome of the asset split – and premarital agreements can make the process even more complex. Here is a brief overview of 5 things you should know about asset division in your divorce.
What Is Considered Property
Marital property includes assets purchased during the marriage that can be split in the divorce process. Several factors, including the length of the marriage and each individual’s pre-marriage economic status, will affect who receives what property. Examples of property can include vehicles, business holdings, jewelry, furniture, tools, real property, such as homes and condominiums, retirement and pension plans, other personal belongings, marital debts, and more.
Marital Property & Separate Property
Marital property is generally earned during the marriage (which can include income). Separate property means that an asset usually belonged to one spouse before marriage and was kept separate for the duration of the marriage.
The family house will depend on the living arrangements of that person and the living arrangements of the kids, among other things. Income and a number of other factors may go into consideration when determining ownership of the house.
Factors In Distribution
As mentioned above, Utah law requires an equitable division of marital property. Here is what the Utah courts have to say about the matter:
Deciding what a fair distribution of property includes several factors, such as how long the marriage has lasted, the parties’ age and health, their occupations, the amounts and sources of income, and related matters.
For long-term marriages, equitable may mean a 50-50 split, or the court may decide that it is fair to give one party more or less than 50% of the property.
For short-term marriages, the court may put the people back into the economic position they had before the marriage. In other words, he gets what was his at the beginning of the marriage, and she gets what was hers.
During the separation of assets, any prenup will be taken into account as long as it is valid. There are some restrictions to prenups. For example, a premarital agreement cannot determine how child support will be distributed.
At Lokken & Associates, P.C., our lawyers have over 25 years of experience guiding clients through legal separations. We can determine if your marriage qualifies for annulment.
We have handled countless family law cases and know how to navigate the legal system. When you need someone who you can trust to help get a favorable outcome for your case, rest assured Lokken & Associates, P.C. is here for you. You can reach us at (801) 829-9783 or contact us through our website today.