Divorce can take a toll emotionally, physically, mentally, and, of course, financially. Handling all divorce procedures alone and without skilled legal help can have a negative impact on your life and your finances for a long period of time.
Any divorce triggers a plethora of legal and financial problems that should be taken care of. Making decisions may not be the easiest thing to do at the time when you’re emotionally scarred, heartbroken, and worried about your future.
That’s why it’s highly advised to seek help from a Salt Lake City divorce attorney to handle a divorce in your best interest and put it all behind you as soon as possible and with minimum damage to your finances, emotional, physical, and mental health.
To name a few, here are the most common legal and financial concerns that arise during a divorce:
Diving marital property during a divorce
Each and every state in the U.S. falls into either of the two categories when it comes to dividing marital property in a divorce: equitable distribution and community property.
Salt Lake City and the rest of Utah fall into the equitable distribution category. What it means is that marital property acquired during a marriage in Salt Lake City and elsewhere in the state is divided equitably (fairly) during a divorce.
Under this legal principle, marital property acquired during a marriage isn’t automatically assumed to be owned by both spouses. Our best divorce attorneys in Salt Lake City explain that it means the marital property may not be divided 50-50 between the two spouses seeking a divorce.
In long-term marriages, marital property is divided 50% and 50% to each spouse. In short-term marriages, on the other hand, a judge will consider what the spouses had before getting married and how they contributed to the purchase of the property in question during the marriage.
However, spouses can hire a Salt Lake City divorce lawyer in order to avoid all the headaches associated with dividing marital property and reach a fairer agreement on how to divide the property outside of court.
Dividing debts in divorce
This is one of the most commonly overlooked elements of a divorce that can leave you financially paralyzed for years or decades after a divorce.
Determining who will be responsible for debts that have been incurred during the marriage is a vital step. However, this may sound like a no-brainer, but you will need to know exactly how much you owe.
It’s not uncommon for divorcing spouses to take up loans without their spouse’s knowledge. That’s why it’s critical to order a credit report from your bank or credit reporting agency in order to find out if you’re aware of all the debts incurred during the marriage.
Spouses that ignore the importance of keeping track of all debts during the marriage could face serious financial consequences and spend years in debt repayments.
An experienced divorce attorney from Emy A Cordano, Attorney at Law can help you avoid responsibility for the debts that are not shared and are in your spouse’s name.
Find out how to decide who will be responsible for what debt after a divorce by consulting our best divorce lawyers in Salt Lake City today.
Tax issues and retirement plan issues in divorce
Tax and retirement plan issues during a divorce are equally important to consider. Overlooking this step could cost you tens of thousands of dollars, as it’s vital to establish:
- Who of the spouses will get the tax exemption for dependents;
- Who will receive Head of a Household status;
- Is child support tax-deductible in your particular case?
These and many more factors are vital to consider during a divorce in order to shield yourself from unnecessary tax issues. If your spouse has accumulated retirement savings during the marriage, you may be entitled to half of the savings.
However, you will be required to speak to a Salt Lake City divorce attorney to find out whether or not you’re eligible to access your spouse’s retirement savings, as well as to figure out how to divide marital property and debts during a divorce.
Contact Emy A Cordano, Attorney at Law to schedule a legal consultation today. Call our offices at 801-804-5152 or fill out this contact form.