Asset And Property Division Lawyer Orem
We know that divorce cases are not easy. It is hard to come to the conclusion that marriage just did not work out. Unfortunately, sometimes divorce is necessary for all parties. When it comes to divorce, there are many things to consider.
One of the main issues at hand will be asset and property division. So much comes into play, especially how long the marriage lasted and how much was jointly accumulated. Dividing up property is not easy and can be difficult depending on whether or not the divorce is contested or uncontested.
When you need an asset and property division attorney, you can count on Emy A. Cordano to ensure you get treated fairly throughout the process.
In Utah, the courts require that both parties reach an equitable division of all marital property. We want you to know that a fair division does not necessarily mean that there will be a 50-50 split.
Marriage length is important. Longer marriages typically mean that there is more property that needs to be divided and the court will want both sides to maintain the lifestyle they have grown accustomed to. Longer marriages tend to come closer to a 50-50 split.
For shorter marriages, the court will attempt to restore both parties to the lifestyle they had before the marriage.
Following Utah law, all marital property must be divided during a divorce. That also means that all debts that have been accrued together must be assigned to one party or the other. Debt does not disappear in a divorce.
The following are assets and property that need to be split:
- Marital home
- Other real estate obtained jointly
- Pension and retirement accounts
- Joint investment accounts
- Checking and savings accounts
- Jewelry, furniture, tools, etc.
One of the most contested things in a divorce is the marital home. The home may need to be sold and the money divided fairly between the two parties. There could also be an option for one party to buy out the other one from the home. If there are minor children involved, the court may allow the parent with custody to remain in the home until the child is finished with school.
You will also want to be aware of possible alimony payments from one spouse to the other if one party makes more money. The goal is to ensure that the spouse who makes less money ends up with a lifestyle similar to the one they lived when married.