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 of divorce negotiations.
Stock options related to a spouse’s job are a relatively common point of confusion. Sometimes a person will tell his or her spouse that stock options are simply job-related and shouldn’t be considered as shared property. Or maybe a spouse says the same thing about a 401(k) plan.
The truth in both of these cases is that both types of assets can be divided in the event the couple divorces.
And don’t be fooled by the fact that your spouse’s name is the only one on the title to a car, boat, or house. Even if your name isn’t on the title, and the property was acquired during the marriage, the value of the asset should be divided fairly and equitably.
Fair and equitable property division in Utah does not guarantee a 50-50 split of assets. An array of factors may come into play, and divorcing spouses will likely need the help of an attorney in protecting their financial interests.