Ending a marriage is a complicated endeavor. Individuals who have lived together for years have likely accumulated various property that will need to be divided during asset division proceedings. Utah residents may find the idea of divvying up property tedious, and it certainly can be.
It is important to remember that Utah is an equitable division state, which means that marital property will be divided as fairly as possible. As a result, one person may end up with more assets than the other if the court deems it fairer. This could happen if one person earns a lower income than the other, or it may depend on other factors, like the length of the marriage and one’s financial contributions to the marriage.
Only marital property will be divided during these proceedings. If one person received gifts, an inheritance, has property obtained before the marriage, or bought items with personal funds and not marital funds, it is likely that those assets will count as separate property and will not be divided. However, it may be necessary for a person to have proof that the assets were not purchased with marital funds.
Asset division can easily become a sticking point in any divorce case. As a result, it is wise for Utah residents to go into these proceedings prepared. They may want to have evidence of their separate property, decide which marital assets they want to try to keep and determine what areas they are willing to negotiate on. Discussing these specific details with their legal counsel could help individuals approach their division proceedings as prepared as possible.
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