Sometimes marriage isn’t as easy as others make it out to be. Sometimes they have to end in divorce. It can be frustrating and emotionally tearing. Now you have to go through the division of property. Marital property, property that was acquired during the marriage, must be distributed between the spouses. This doesn’t include separate property which was acquired by spouses before marriage and kept separate throughout it. It’s important to know how Utah handles the distribution of property and also how the marital home is handled.
Equitable Distribution
Utah’s law requires the equitable distribution of marital property, meaning the property is divided based on what’s fair. Judges consider many factors when determining property division including how long the marriage lasted, the level of education of spouses, and the earning potential. For example, if one partner makes a significantly higher income than the other spouse, and the ending of their marriage would put them in a financial deficit, then this will be highly considered in the property division. Judges also consider what the spouses face alone due to the divorce. This includes things as childcare costs and medical needs. For example, the court will take into consideration if a spouse worked full time but had to stop due to the divorce in order to take care of the children. The factors used in determining a fair distribution of property is included in the Utah code 30-3-5 which also includes occupations of the spouses, their ages and health, and their amount and sources of income.
Distribution of marital property may be handled before divorce is even presented or considered. The Uniform Premarital Agreement Act states that “agreements made in contemplation of marriage become effective upon marriage.” The premarital agreement may outline the governance of earnings, retirement, real, and personal property. Real property is the immovable assets such as land and personal property being anything that is movable and subject to ownership. The premarital agreement cannot govern areas having to do with the child/children meaning their expenses, child support, healthcare insurance, or the expenses associated with healthcare.
Marital Home
In most scenarios, spouses share a home together which also has to be distributed. Equity of the house is established by the market value minus any debts and liens against it. Spouses must come to an agreement on the current market value of the house. The current market value of the house is usually determined by a real estate agent or appraisal. In order to divide the equity, couples must choose one of three different options. The first being selling the house and dividing the proceeds. The next option being the spouse, typically with custody of the child/children, being able to keep the house for a certain period of time and they can either sell the home and keep the proceeds or get a buyout from the other spouse. The third option being one of the spouses refinancing the home and buying out the property from the other spouse.
Divorce is messy. Both of your lives are now changed drastically. You want to make sure your finances are protected. You need Property Division Attorney in Salt Lake City, who has experience. Emy A. Cordano has over 20 years of experience in divorce law. She will conduct an assessment of your marital assets and debts and fight for your property settlement. Make an appointment for a legal consultation through this contact form or call for a case review at (801) 901-8159.