What are some factors that influence the division of property?
With child support, alimony and custody battles, there are many issues that divorcing couples sometimes encounter. However, the division of property obtained during the marriage is often particularly difficult for some people who are separating from their spouse. In Salt Lake City, Utah, and across the country, there are a variety of reasons why property division is challenging, such as confusion regarding divorce laws and financial concerns over the distribution of bank accounts and other assets, which underlines the importance of approaching divorce properly.
On the Utah Courts' website, a useful overview of property division is provided. People preparing for divorce need to remember that the property division laws in each state vary. In Utah, the equitable distribution of marital property is required by state law. In order to determine the fair distribution of marital property, a number of factors influence how marital property is divided, such as the duration of a marriage as well as the health and age of each party. Other factors include the amount of income each party earns, their source of income and other financial issues.
If you are preparing to separate from your spouse, you may have a number of questions and concerns. For example, if you are worried about losing property that has sentimental value (such as a family gift or artwork) or have significant assets and are stressed out about complex property division, being fully prepared is paramount.
This material was written to provide helpful information regarding the division of property in a divorce and is not to be taken as legal advice.