Divorce is a complicated process and most couples will have to deal with the issue of property division. If you are considering a divorce, you have probably performed some research online to get an idea of how the process works. While it is important to collect information about the divorce process in Utah, you must review accurate information that applies to your situation. Read to know more about how property division works during divorce in the state of Utah:
How Property is Divided During Divorce
Utah uses equitable distribution when dividing property during divorce. Such kind of distribution may not lead to an equal split. Property division is based on some considerations including the length of the marriage, the couple’s occupations, which property belongs to the marriage, and the health of everyone involved.
In Utah, the odds of an equal split tend to increase when the marriage is longer. For short marriages, the courts may concentrate on every person’s economic position before the marriage and divide the property in a way that would preserve such a station in life.
The most common kinds of properties divided at divorce are real property such as a family home, personal property like clothing and jewelry, as well as intangible financial assets such as income, benefits, and dividends. Marital property should be divided between the spouses once the marriage ends. The same goes for marital debts.
Should the Division Include Retirement Assets?
In general, retirement assets are considered marital property and subject to distribution during divorce. Often, courts will prefer to provide the spouse that contributes to the account with the asset. In exchange, the other spouse is provided with something of equivalent value such as a family home or a combination of other assets.
When distributing retirement assets, a Salt Lake City divorce lawyer will draft special documents to guarantee payment. Generally, a court order called Qualified Domestic Relations Order is required.
Do you Need an Attorney?
It is usually a smart move to seek legal counsel when going through a divorce. A lot of issues should be addressed during the property division determination part of the divorce. Other areas that must be addressed include child custody and child support and navigating these issues can be truly overwhelming especially if you don’t know about the law. An experienced divorce attorney can advocate for your interests during the process and help you set up an outcome for a successful transition after the divorce.