Divorce and the division of real property
According to the Centers for Disease Control and Prevention, the 2012 divorce rate in Utah was 3.1 per 1,000 population. For those who are going through divorce, various legal matters may arise, such as child support, alimony, custody battles, etc. However, the division of marital property and financial consequences of divorce are sometimes particularly difficult for individuals in Salt Lake City, and across Utah. Before filing for divorce, people should familiarize themselves with the law and understand how issues such as the division of real property could affect them.
On the Utah Courts' site, an overview of numerous property division topics is provided. According to the Courts, real property consists of land and any building that is permanently placed on it, such as a home. With regard to real property, if it was purchased while both parties were married it is usually considered marital property (even in instances where the deed just has one person's name). In the state of Utah, real property is frequently sold and the proceeds are split between both parties. That said, some people are able to purchase the property by providing the other party with the same amount they would have received had the property been sold. Furthermore, some people are even ordered to have a mortgage refinanced in the name of the person who retains the property.
From dividing real property during a divorce to the division of retirement accounts, splitting up with a spouse can present hurdles for some people. However, those who are prepared and take the smartest approach could benefit tremendously.