Property Division Attorneys in Park City
Protecting Your Right to a Fair and Equal Part of Shared Marital Assets
When partners decide to dissolve a marriage, one of the biggest challenges is finding an equal way to split shared assets and debts. Marital property is anything you and your spouse purchased during the marriage (as well as any debts acquired then). This includes:
- Mortgages or car loans
- Real estate
Even if only one person’s name is on the deed, marital property is considered co-owned and therefore must be divided evenly.
Coming to an agreement regarding who keeps which property may be difficult, especially if you and your partner are not on good terms. However, leaving the decision to the courts could end up with both of you unhappy. Our attorneys can help you negotiate with your partner to settle on a property split that feels fair and helps you get some of the items you most want. Finding an “equal distribution” as promised by the Utah Code is not always easy, so make sure you have an attorney who understands the nuances of divorce law to fight for you.
What “Fair and Equal” Property Division Looks Like
Though the law makes it sound as if you and your spouse will each walk away with half of the assets, this is a simplified way to look at the problem. To start, one or both of you may have non-marital property—money, real estate, or other assets that you had before you were wed. The courts also consider what each spouse contributed to the partnership, their future needs, and their earning potential. When such elements come into play, a 50/50 split is often unfair to one partner.
Determining Property Value
Part of getting a fair deal is knowing your goods have been appraised correctly. In a divorce, not every piece of marital property will be individually evaluated—low-value household goods, for instance, are left to you and your partner to divide. However, real estate, vehicles, and other valuables should be professionally assessed by a qualified party. We can help you make sure this is taken care of.
Considering Retirement Benefits
In some marriages, especially ones where one partner took more responsibility for the household and/or children, there may be an unequal split of retirement funds or plans. However, a spouse’s household work cannot be discounted simply because it does not come with a salary and benefits. Actually splitting a retirement plan is difficult, but you may be able to negotiate a trade for another item of equal value.
How Our Property Division Lawyers Can Help You
Our knowledgeable attorneys can research every aspect of your partnership that might affect how assets should be split in the divorce so no one can take advantage of you. Especially if you and your partner have disproportionate work histories and earnings, finding a fair solution can be difficult. Having a professional to guide you through the property division process can provide a broad perspective that may be hard to get if you are stuck arguing with your partner.
If your marriage had any pre-nuptial or post-nuptial agreements, these contracts will also affect how assets are split. Our attorneys can review the documents and explain them to you in plain language, so no violations slip under your radar.
Receiving a fair share of your marital property is important as you move forward into a new life on your own. Do not put your financial future at risk. Talk to our attorneys today to see how we can help.