Some facts about divorce and finances
Knowing about the financial and property impacts of divorce will help people better prepare for how to deal with the upcoming challenges.
In Utah, the court seeks equitable division of property for couples getting divorced. There are several things the court takes into account when determining how things will be split. Divorce poses financial issues that need to be dealt with, and it is important that everyone going down that road is aware of what they will be facing.
Some financial facts
There are some myths about divorce, such as the idea that men tend to be better off than women in terms of the financial results. The following list from Utah State University contains some real statistics.
· If a man provided 80 percent or more of a family’s income, his financial situation may improve after divorce, however if he made less than 80 percent, he will generally have a worse financial situation.
· Most men experience a loss between 40 and 10 percent in their standard of living after going through divorce.
· Alimony is not very common nowadays, so parents may not be able to spend as much time with their children as they have to spend more time at work.
· The rate of mothers losing their homes after divorce is one out of three.
· After divorce, about a fifth of women end up below the poverty line.
· The average increase in income that would be needed for either spouse to maintain the same standard of living after a divorce is 30 percent.
Divorce is expensive for everyone involved, and couples that are poor at the time a separation takes place tend to experience the most difficulty.
How the courts approach property
There are some different types of property that will be considered by the courts in Utah. Marital property includes anything that was bought while the couple was married. If it is something that can be moved, it is considered personal property. Anything permanently attached to land, or land itself, is considered real property. It is possible for one person to buy the property from the other by finding out what the property would have sold for and giving over that amount. However, usually real property will be sold, and fair division will be decided for the value.
If a marriage had a short duration, the court will sometimes try to allow an economic situation for each person that is closest to how it was before the marriage. If it was a long-term marriage, the court will determine a fair split for all property, which may or may not be 50-50. Businesses will generally be safe, though it may come into question if the business was started jointly by the couple while they were married.
People in Utah who want to make sure they get what they deserve in a divorce may find it helpful to consult an attorney who practices family law in their local area.