You’ve filed for divorce and think, “I’m finally free.” Unfortunately, filing for divorce is just the first step. One of the most contentious issues for married couples during divorce is property division. Utah law requires spouses to split marital property according to equitable division. What does this mean for you?
Property acquired during the course of the marriage is subject to division during divorce. This is true for property located outside of Utah or property where only one spouse is on the title. It is important to note that equitable division is meant to be fair, but may not always be equal.
Several factors are considered when determining how property will be divided during divorce, which include:
- Length of the marriage
- Age and health of both spouses
- Occupations of both spouses
- Sources of income for both spouses
Depending on the length of the marriage, the court may rule that long-term marriages deserve an equal, 50-50 split of the property. However, in marriages that are considered short-term, the court may decide that each spouse will receive the property they had going into the marriage.
Another important issue to understand is what is considered martial and non-marital property. Property obtained during the marriage is considered martial or shared property. Non-marital property includes property owned by a spouse before the marriage as well as gifts or inheritances received by one spouse during the marriage, depending on the specific item.
Your divorce settlement is specific to your circumstances. Due to the complex and often heated nature of these negotiations, it is beneficial to discuss your case with an experienced divorce attorney. An attorney can help you evaluate your property and assets, determine what is subject to division and what options are available to protect your financial goals and future.