EMY A. Cordano Attorney at Law
Dividing Marital Assets In Divorce | Asset Property Division
Dividing the marital assets may be the riskiest and difficult tasks in a divorce. Read how to divide fairly and enable your divorce to go more smoothly.
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Utah, like most states in the nation, subscribes to the principle of equitable distribution in dividing marital assets . Equitable distribution, rather than dividing marital assets 50/50, attempts to divide them in a way that is fair and just given the circumstances. Various factors are taken into account when determining what constitutes an equitable distribution of marital property, including the length of the marriage, the financial resources of each spouse, the contributions of each to the marriage, and each spouse’s earning potential after the divorce . Dividing liquid assets is relatively easy compared to … READ MORE

Before you know it, your kids will be in college and you will be searching for ways to pay their tuition. Some Salt Lake City parents are lucky enough to have saved enough money to cover at least some of these bills. But what happens to this money if you decide to divorce? Furthermore, how do parents split the costs associated with college, such as buying books or furnishing a student dorm? These are all things that need to be discussed during the divorce process. Before going into a divorce, it’s important … READ MORE

Each state has its own rules about divorce . Perhaps the most important difference is in property division; some states are community property states, others are equitable distribution states. Utah belongs to the latter group, but property division is a subject for a future post. The difference we want to talk about here is with waiting periods. There is a difference between the residency requirement and the waiting period. The residency requirement in Utah is three months. One or both spouses must reside in the same Utah county for three months to be … READ MORE

If you and your spouse recently decided to informally or legally separate, it is important for you to take a few pieces of straightforward advice into consideration. True, you are likely receiving loads of unsolicited and unwanted advice from loved ones, colleagues, acquaintances and strangers. You can take or leave this advice as you please. But when it comes to choices that could ultimately affect your divorce process, should you ultimately decide to file for divorce, it is important to keep a few tips in mind. First, understand that you … READ MORE

Protecting one’s assets from divorce is an important aspect of preparing for marriage in Hollywood and for an increasing number of couples, even those with modest wealth. Most people are aware of the use of prenuptial agreements for this purpose, but another potential way to protect one’s assets is to place them in an asset protection trust. Asset protection trusts can be executed overseas or in the United States. In the latter case, they are referred to as domestic asset protection trusts. These trusts work by allowing the creator of … READ MORE

Families in Utah often have an arrangement where one parent is required to pay child support to the other parent. This is typically the case when one parent has significantly higher income than the other or if one parent is the primary caregiver. However, there are times when the parent making payments struggles to do so, perhaps due to an illness or job loss. One state is working to break the cycle by assisting certain parents with finding a job, in order to help them provide for their children rather … READ MORE

Though it is not as common as it once was, many people in Utah pay spousal support to their former spouse after divorcing. The reasons for doing so are typically because one spouse made a significantly higher income than the other or because one spouse did not work in order to care for children or maintain a home. Documentation that makes a record of alimony can be important both for the recipient and the payer, should a conflict ever arise. Because alimony is tax-deductible for those who pay it, and taxable … READ MORE

When a person has been abused by someone he or she loves and trusts, it may take a great deal of effort to speak out. Often, victims are groomed by the perpetrators to believe that they deserved the abusive behavior. When he or she finally faces that person in court, it can be an intimidating event. There are guidelines that may be helpful to Utah residents who have experienced domestic violence at the hands of someone they care for that may offer them peace of mind. Contacting any witnesses who may have … READ MORE

It’s not only unfair to hide marital assets in a divorce; it’s illegal. But not everyone plays by the rules of fair property division, and not everyone is aware that they’ve been cheated until after the fact. In Utah divorces , marital property is supposed to be divided fairly and equitably, and that goes for houses, cars, retirement accounts, stock options and any other asset that was acquired during the course of a marriage. Unfortunately, though, some people try to pull the wool over their spouses’ eyes and keep marital property out … READ MORE

In previous decades, the family home was usually the largest asset to be considered for property division in divorce. But with the rise in divorce among baby boomers, retirement accounts with significant assets can even exceed the value of the home. This makes dividing pension plans and retirement accounts all the more important. In Utah, the division of marital property is meant to be fair and equitable, which does not mean that property will necessarily be divided straight down the middle. When splitting a pension or 401(k) plan, certain procedures have to be reviewed, … READ MORE