Premarital agreements and property division
For many couples, divorce raises a variety of questions and concerns, such as legal matters related to the custody of children and child support. However, the distribution of marital property is an especially important issue for many people who are splitting up with their spouse in Salt Lake City, and cities throughout all of Utah. When it comes to property division, it is important for people to understand various factors that could affect their property, such as a premarital agreement.
If a couple going through divorce signed a premarital agreement, the contract may affect how their property is divided, according to the Utah Courts. While premarital agreements cannot dictate costs related to child care or child support, they can have an impact on income, retirement benefits and real property, among other assets. These agreements take effect when a couple ties the knot and are recognized, so long as they are valid.
According to the Utah State Legislature, each party must sign a premarital agreement in writing. However, if a couple wishes to have their premarital agreement revoked or modified, they can do so by mutually signing a written contract. Changing or eliminating a premarital agreement can have a significant impact on how courts divide marital property. Under certain circumstances, premarital agreements are unenforceable, such as those which were signed involuntarily.
The division of a couple's marital property can affect the entire family. As a result, it is essential for people who are preparing to separate from their spouse to carefully assess the ins and outs of their situation.