Fighting to Secure Fair Asset and Debt Division Outcomes for Our Clients
No one is ever anticipating a divorce proceeding when they first get married. Unfortunately, many couples find themselves in this exact situation. When a marriage ends, former partners have complex legal issues ahead of them — and the division of property is the most common. While one might expect a 50/50 split, this is often not how it works in Utah. That’s why divorcing spouses often benefit from working with a legal professional. A property division lawyer in South Jordan may be able to help.
At RCG Law Group, our team of family law attorneys understands what you’re up against. You deserve a fair distribution during divorce. Unfortunately, complex property division laws can complicate matters. In some instances, your own personal investments or inheritance rights may be up for grabs. Whether you simply want to keep the family home for your children, ensure an equal distribution, or believe you deserve even more, our law firm will review your case and help you understand your options.
Contact us today to learn more.
How Does Property Division Work in South Jordan, Utah?
When two people get a divorce in Utah, there are often many assets, debts, accounts, and other financial issues that will need to be hammered out. When it comes to dividing property, Utah has equitable division laws in place. This means that the courts try to make decisions based on fairness rather than equal distribution. In many cases, this can result in unequal outcomes for the parties involved. The courts will review many factors in making these decisions — and working with a law office may help you build a better case since these decisions are often subjective.
When dividing property, the courts distinguish between marital and separate property. Marital property is anything that the couple accrued during their marriage — even if it’s income or other assets that were earned by a single partner. Separate property includes assets and debts that were accrued prior to marriage — along with a narrow subset of other assets and debts accrued during the marriage. Due to the complexity of Utah laws, it’s often the case that ownership doesn’t matter.
That’s why discussing your options with a property division lawyer in South Jordan is likely in your best interest.
How Does the Court Make Debt and Asset Division Decisions?
Equitable division laws can clearly complicate matters in Utah divorces. Even assets titled to a specific individual could be eligible for division. Clearly, a 50/50 split would be much easier to figure out — but since this isn’t how our state works, it’s important to understand what factors the courts may consider. If you find yourself before a judge without an agreement with your former partner in place, the following issues are likely to have a major effect on property division:
- Length of the marriage
- The age of each party
- Each spouse’s health
- The occupations of each party
- Sources of income and money available to each person
It’s often scary to go to court not knowing what to expect. Even in straightforward situations where former partners agree on property division decisions, they’re often still blindsided by the tax consequences of the process. Still, reaching an amicable resolution with your former spouse is typically ideal. The courts prefer this, and it can significantly simplify a divorce. However, a judge will review any agreement and reject it if it’s deemed unfair.
It’s also worth noting that economic misconduct (i.e., hidden assets, misuse of funds) can affect eventual court orders. However, these decisions are typically permanent once they’re made. Debt and asset division orders can only be reopened in very narrow circumstances. However, it is possible that you may qualify. Whether you’re seeking a fair initial outcome or have questions about the possibility of an appeal, a property division attorney in South Jordan can be helpful.
Are Any Properties Protected During the Division of Property?
When someone goes through a divorce, they often wonder if there are any assets protected from division. While there certainly are, many people overestimate what they’ll be able to hang onto. For instance, separate property is typically exempt from division. This includes properties owned by a person prior to their marriage. Gifts or inheritances given to a particular spouse are also usually protected. However, even these properties could be eligible for division if they were commingled with other assets during a marriage. This is known as transmutation.
Additionally, people are often surprised when they discover what may qualify as marital assets. For instance, retirement benefits acquired during the marriage must often be divided. Since the retirement plan may be in a specific spouse’s name, the other spouse will usually receive something of equal value. However, it is possible to protect these assets and many others by having a prenuptial agreement or postnuptial contract in place. If no such agreement exists, it is likely in your best interest to work with a South Jordan property division attorney.
Contact a Property Division Attorney in South Jordan Today
Whether you and your spouse have minimal assets or a multi-million dollar family business, Utah law dictates that your assets may need to be divided. Due to equitable distribution requirements, it’s sometimes difficult to predict the outcome of this process — and many are surprised to discover that properties and funds they thought were separate are actually eligible for division. This is why it’s so important to have a solid understanding of your situation, and a legal professional may be able to help.
At RCG Law Group, our family law attorneys work diligently to secure favorable results for our clients. We know that property division decisions can affect your entire life, from now to your future financial circumstances. That’s why we are committed to helping you understand your rights and build a case supporting the outcome you seek. Our property division lawyers in South Jordan are here to help. Contact us at (385) 503-3663 today or click here to book a consultation.