Your marriage is ending, and now you and your spouse begin the task of dividing your property. Most Utah residents believe that asset division is supposed to be an equal split, but that is not always the case. The key is for the division to be equitable and fair, which does not always equate to equal, though it often comes close.
Many Utah residents approach property division from an emotional standpoint, which often only leads to more conflict and a questionable financial future. Instead, you and your soon-to-be ex-spouse may benefit by focusing on setting up a future that includes financial security. Attorneys can help with this task.
The composition of the marital estate needs to be determined and valued. If either of you believe that some assets remain separate property, those need to be documented in accordance with current law. Those assets are then excluded from the marital assets.
You might have concerns that your spouse is attempting to hide assets. This, too, will need to be determined and doing so often requires outside help. Once these issues are resolved, an in depth look at the tax ramifications attached to each asset can help determine an equitable settlement.
Having the assistance of a knowledgeable family law attorney could make the difference between a financially secure start to your new life and regrets. Other than issues surrounding children, asset division is the most important part of any divorce. It is best to make sure that the process is done right the first time in order to avoid complications and unnecessary losses in the future.