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Salt Lake City – Ogden – Lehi
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Salt Lake City – Ogden – Lehi

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Addressing the house is an important part of asset division

Ending a marriage often involves disentangling two lives. This process can mean that individuals will need to go through asset division proceedings in order to separate their marital property before the divorce is finalized. In some cases, Utah residents may have the most concern about what will happen to their house.

It is not uncommon for individuals to sell their marital home during divorce. There are numerous reasons that this action may make sense for a divorcing couple. For example, if both parties contributed to purchasing the home and each wants a share of the asset, selling the house and dividing the proceeds may make the most sense for the situation. In a best-case scenario, parties will be able to agree on what will happen to the house rather than having to fight over it.

Even if one spouse wants to keep the home, it may make more financial sense to sell. Often, individuals are able to afford their mortgage and house-related expenses because they have two incomes to work with. After the divorce, one person may not have enough income to keep up with those necessary expenses, which could cause financial issues. As a result, parties may want to go over their financial affairs before deciding to keep a home.

Asset division can be one of the trickier aspects of ending a marriage. The marital home is often one of the biggest assets that a couple has, so it understandably brings about some contention. If Utah residents hope to address their property division proceedings effectively, they may want to discuss their options with their legal counsel.

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