The terms equal and equitable are not synonyms. In a divorce, Utah Law requires an equitable division of assets. An equitable division means that marital and liquid assets will be divided fairly, not equally. This includes the award of child support and alimony. The court will not award an equal amount of income to both parties.
Utah’s law is not as ambiguous. When it comes time to decide how to divide assets, divorcing couples have two options. Either the couple decides themselves or the court makes the decision.
Couples who decide how to split their capital will each sign an agreement that must be read and supported by the Judge. The Judge will ensure that the split is fair.
When the court must decide how to divide assets, they look at several factors:
- The length of the marriage
- The age and health of the parties
- Other associated matters
There are several types of property that will need to be divided in a divorce:
Real Property – Land, houses, other buildings.
Personal Property –Furniture, jewelry, cars, tools, etc. However, a wedding ring will be awarded to the person that received the ring so long as the marriage ceremony was finalized.
Non-Marital Property – Property that is owned before the marriage, received by inheritance or gift. This property is generally not included as marital property and awarded to the person who name is on said property.
Retirement and Pensions – the court will equitably divide all marital investment accounts.
The court can divide property regardless of whose name is on the asset, title, source of income, etc. Shorter marriages may result in both parties being returned to their economic situation before the marriage. In longer marriages, couples have had the chance to obtain more assets and property, and the court will want to divided property and assets to allow both parties to attempt to live at the same standard of marriage after divorce.
All couples during a divorce should hire a Provo divorce and family attorney to decipher a proper property settlement. You do not want to give more of your marital estate away if you do not have to. Hiring an attorney will help ensure that you are satisfied with your allotment of assets and may help you avoid conflict regarding assets in the future. If this is your situation, the experienced attorneys at CoilLaw are happy to assist you in helping you with your case. Please call 801-884-3775 today to set up a consultation.