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Having the right records can help with asset division

Most Utah residents do not know the ins and outs of family law. As a result, they may not fully know what to expect when they go through divorces. Fortunately, they can help themselves by gaining information on the proceedings ahead and on how to avoid mistakes during important parts of the process, like asset division.

When it comes to dividing assets, knowledge is power. It is wise for divorcing parties to make sure that they have all the documents and records relating to personal and marital finances. These records could include account numbers, Social Security statements and information, amounts paid for significant assets, balances for accounts, and other similar documents. If individuals do not have all the paperwork, they could miss out on important details that could make a substantial difference in their division outcomes.

Another mistake individuals would likely benefit from avoiding relates to joint credit accounts. If these accounts are left open after the decision to divorce has been made, the possibility exists that one party could still wind up on the hook for debt related to joint accounts even after the divorce is over. Creditors could come after an ex-spouse if his or her name is still on the account.

The financial implications of ending a marriage can be vast. Because of this, it is wise for Utah residents to consider the possibilities and how their asset division could increase or mitigate the financial impacts of divorce. Working closely with their legal counsel could help them understand how their particular circumstances could influence their results.

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