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How Are Assets Divide in Divorce in Utah?
Property division is often a thorny issue in divorce cases, but the law stipulates how assets should be divided. Generally, courts divide all assets acquired during marriage as they consider them marital property. South Jordan family law attorneys explain that courts divide marital property regardless of the spouse that holds the title or where the property is located.
Questions regarding asset division can be challenging, but legal experts can provide guidance to help you avoid mistakes while protecting your rights. They can examine the case specifics and help you understand how the law applies to marital and separate property.
What Constitutes Marital Property?
Marital assets should be equitably distributed between you and your ex-spouse. Much of the assets you acquired during the marriage may be marital property, including your income and personal possessions. Even though you may earn more than your ex or may play a direct role in acquiring the assets, both of you have an ownership interest in property acquired during the union.
Property division lawyers in South Jordan highlight the following as marital assets that are commonly subject to division between a divorcing couple:
- The couple’s primary home, vacation home, and all real estate properties, such as business and investment properties
- Bank accounts, bonds, and stocks
- Business assets and partnership interests
- Pensions, profit-sharing plans, stock options, and other employment benefits
- Vehicles, including luxury ones such as watercraft and aircraft
- Life insurance policies
- Lottery winnings if your partner purchased the tickets during the marriage, regardless of when the winnings were paid out.
Courts will evaluate various factors when determining how to divide marital property, with the guiding principle being equitable division. It doesn’t mean that each party will get an equal share of the assets, but a fair share.
Work with experienced South Jordan property division attorneys to protect your rights. A final property division order cannot be reopened in the future unless in exceptional cases.
What Qualifies as Separate Property?
Any property you acquired before the marriage is separate property and should not be divided during divorce. Any gifts or inheritance you received before the marriage will remain separate property if you don’t blend it with marital assets. Additionally, the court will exempt any property you specifically protect with a marital agreement from division.
If you ever received a personal injury award for your pain and suffering as opposed to medical expenses and other losses, the court will treat this as separate property. Skilled South Jordan property division lawyers can provide more legal insights into any other asset or property that may fall under the category of separate property.
Can Separate Property Become Marital Property?
There are unique circumstances under which separate property can become marital property. South Jordan property division attorneys say this can happen if you combine assets you acquired before marriage with marital marriage during the union.
For example, if you had a certificate of deposit worth $10,000 before the marriage but later transferred the proceeds to a joint account with your spouse during the marriage, the funds would no longer be separate property and would be subject to equitable distribution.
Other ways in which commingling of separate property can happen are:
- Adding your spouse’s name to a separate bank account, and both of you use the account to deposit pay bills and paychecks
- You and your spouse use a separate bank account to deposit paychecks and pay bills, even if you don’t add their name to the account. However, your property division lawyers in South Jordan could make a compelling argument as to why the original amount in the account should remain separate property.
Another scenario under which separate property would become marital property is if your spouse made contributions that increased the property’s value. For example, if you owned a house before marriage but your spouse used their funds to renovate or improve it, they may be entitled to some of the house’s increased value.
How Can I Keep a Bank Account Separate?
If you have a bank account that you wish to keep separate to prevent it from undergoing property division, family law lawyers in South Jordan recommend doing the following:
- Ensure the account only has your name on it
- Don’t receive deposits of marital property or money earned during the marriage into the account
- Any inheritance money or gifts you receive should go into a separate account. However, a monetary gift with both your names on it can’t go into a separate account without commingling the funds.
It’s also crucial to keep accurate records of separate property, including the dates you acquired it. All financial records before, during, and after the marriage can also be helpful when you need to file for divorce. You can use them to prove your separate accounts and why they should remain separate.
A Skilled Family Law Attorney Helping You Protect Separate Property During Divorce
Property division during a divorce is involved because the divorcing couple must separate their finances. The longer your marriage lasted, the more property and debts the two of you acquired, and the more complicated the division can be, especially if you have separate property that you wish to protect.
Skilled property division lawyers in South Jordan can provide legal insights into navigating the complex issue of property division during a divorce. The RCG Law Group has a team of dedicated family law attorneys who can review your property and case circumstances to help you fight for the most favorable outcome while protecting your rights. Call us at 385-503-3663 to schedule a FREE case assessment.
