How Are Assets Divided in a Divorce?

If you are considering a divorce, starting with an attorney experienced in divorce cases in Utah is essential. They will help protect your rights and ensure you don’t give up your share of property entitled to you.

No matter what the scenario is for a divorce, it is an exhausting process. The division of assets further complicates this. Deciding which spouse gets possession of the combined marital property is incredibly stressful.

Parting ways with someone you once wanted to spend your life with is hard enough, and when factoring in your assets, it can turn even an amicable divorce into a sour one.

In the U.S., there are roughly 750,000 divorces every year. If you are getting a divorce in Utah, you should know how the courts handle the division of assets in these cases.

According to Arnold, Wadsworth & Coggins divorce lawyer, the laws indicate that assets must be divided fairly and equitably, but that doesn’t mean it will be a 50/50 split. Working with an experienced divorce lawyer can ensure that your assets are handled fairly and justly.

Dividing Assets in a Utah Divorce Case

In Utah, there is no standard formula for determining which spouse will get which assets from a divorce. This is why working with an attorney will help keep the process as smooth as possible through mediation to divide these assets in a mutually acceptable way.

As mentioned, a married couple’s assets must be divided fairly, although that doesn’t automatically mean each spouse gets half. Other factors are considered in determining the appropriate division in each case.

These things will include the individual assets each spouse had when entering the marriage, past and current income levels, health, and age, to name a few of the many factors for consideration in the decision.

When both parties can agree on splitting the marital property and debts, the judge in a Utah court can review this agreement.

If it is fair, the judge will then hand down the order to make this agreement of asset division enforceable.

With the help of your experienced divorce lawyer, their knowledge of Utah statutes and precedents in previous cases can help in these matters.

Identifying Assets and Values

During the divorce process, you must declare all of your current assets. These assets should also include the ones you own in a partnership with others, companies, or assets that are held in trust.

You are also required to assign the appropriate monetary value to each of them.

All told, your assets would include every physical and financial aid, inheritances, pensions, gifts, and the interests and liabilities of both spouses.

If you were the one who brought the asset into the marriage, you might be awarded substantial credit. Other times, the other spouse may think about excluding certain assets from this list.

What Happens Next When Dividing Assets in a Divorce?

Both spouses must agree that all property and debts have been declared. Once that happens, the next step involves evaluating what each contributed to the assets.

This doesn’t just include financial contributions. It may consist of the gifts you have made in renovating your home, parenting, homemaking, and adding value in other ways.

Your divorce lawyer will advise you about additional inclusions to be considered in the property division. For both spouses, these can include age, health status, earning capacity, and your impact on each other’s career development.

The length of the marriage will also be considered, and the court will make adjustments as it sees fit to come to an equitable and fair division of your assets.

What Are the Most Common Issues When Dividing Assets in a Divorce?

Parting with property can be difficult even when divorces are on the best of terms. Utah courts want to make sure the division of the assets is fair. This is why it’s such a complicated process.

They are dividing a home that both spouses want is a prime example of complications that arise. Your options are limited; you will need to either sell the house and split the proceeds from the sale or have one of you take full ownership after obtaining an appraisal.

The one who takes ownership will need to pay the other spouse the amount the judge deems to be a fair portion of the home’s value.

That’s just one example of the trouble that can arise when attempting to split the assets in a divorce. You may have cars, boats, and other personal property to divide.

Then there are your checking and savings accounts, stocks and bonds, life insurance policies, jewelry, investment properties, trust funds, pensions, and collectibles.

If you own a business or a brand, you may need to include copyrights, patents, or trademarks.

It’s a complicated matter regarding dividing your assets in a divorce. Speaking with an experienced divorce attorney is advised, mainly when there are many assets to divide.

What to Do When a Disagreement Arises on Asset Division

Property division is so complex and emotional for many couples who are going through a divorce.

A divorce lawyer will simplify this while protecting your rights. They will also help guide you through the entire process to help you with your assets’ fair and equitable division.

If you are considering a divorce, starting with an attorney experienced in divorce cases in Utah is essential. They will help protect your rights and ensure you don’t give up your share of property entitled to you.

Additionally, working with an attorney means you’ll have someone who understands your rights and makes the process faster.

When you have someone guarding your best interests, you will get everything you are entitled to and be able to move forward into a brighter future.

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