Living in an Equitable Division State
Going through a divorce is a very difficult, life-altering event. Besides deciding and outlining child custody agreements, property division is one of the most stressful components that make going through a divorce so challenging. While mediation might ease this burden on the divorcing parties, property division could be tricky if you live in an equitable division state, such as the state of Utah.
What exactly does this mean? Living and getting divorced in a state that upholds equitable division means that all marital property is, more often than not, split between both parties fairly and equally.
Marital property is the term used to cover all assets, real estate, property, debts and wealth that was acquired during the marriage. If these things were owned by one party before the marriage, or were provided to one of the spouses during the marriage as a gift or inheritance, it is considered separate property. Separate property does not have to be split up, as long as it is clearly outlined as belonging to just one individual.
Premarital and postnuptial agreements can help to sort out any previously owned wealth before the party gets to the point of divorce. During a divorce, this document can be used to protect assets.
Living in an equitable state does not always mean that you will have to split all belongings 50/50 during a divorce. An experienced attorney could help you to get the assets that you wish to have without a great hassle. If you would like more information, speaking to an attorney could be beneficial.
