How do I figure out what property is mine and what belongs to my ex when I file for divorce in Utah?
The answer might take some investigation and forensic accounting work. This can be time-consuming and expensive. It depends on things like whether you and your spouse had a prenuptial or postnuptial agreement and how you accumulated your assets and debts.
State law governs how divorce works. A New York divorce looks different from a Utah divorce. In Utah, the court will divide the property among the parties involved with equitable distribution. An equitable split of these assets wouldn’t mean cleaving it down the middle, like the Biblical story of Solomon. Equitable means fair – each side gets a fair share of assets. The court considers various factors for an equitable division, like the health of both parties, their occupations, and the length of the marriage.
In Utah court, the longer the marriage, the higher the chance of an equal split. If your marriage was relatively short, then the court looks at each party’s individual income and economic status prior to the marriage. They will attempt to split the assets in a way that maintains their previous economic status in life.
Debbie and Lawrence owned diverse marital property jointly that needed to be distributed equitably between them. They had bank accounts to which they both contributed, wedding china, investments, and a home they bought and remodeled together.
When Doug and Sadie divorced, Sadie claimed that some property was hers and separate from the marriage. For instance, five years ago, she received an inheritance from her great aunt, which she kept in a separate bank account. Sadie also owned a beach cottage given to her in trust by her father. These items would not be considered part of the marital estate.
The situation can get quite tricky. When Georgina and Rafael got married, Rafael had a Roth IRA that had several hundred thousand dollars of contributions already in it. During the marriage, Georgina contributed several thousand dollars to that IRA, transforming it into what’s known as “hybrid property.”
It can be challenging to go through negotiation for the division of property without proper legal representation. A St George,Utah divorce lawyer will stand beside you during these negotiations and fight for your best interest. A divorce shouldn’t leave you penniless and homeless. Call our St George family law office now to get help with your legal issue!
What happens to retirement assets in Utah divorce cases?
Generally, retirement assets count as marital property and are covered under equitable distribution in the case of a divorce. Courts will usually award the asset to the spouse that contributes to it the account most. The other party will receive one or a combination of assets of equivalent value.
There’s special paperwork for splitting retirement assets. Look into a Qualified Domestic Relations Order (QDRO) for these cases. A divorce decree by itself will not ensure that a person who’s not a listed owner will receive payments from the account.
If you’re concerned about your retirement property in your divorce or legal separation, talk to our St George Utah divorce lawyers to find out how you can obtain your fair share of the marital property and ease your worries.
Talk to Our St George Utah Divorce Lawyer Today!
Getting divorced can be stressful, but an experienced divorce attorney can make it as smooth as possible for you. A qualified divorce lawyer can help you figure out precisely what belongs to whom and what you need to do about it.
Boyack Christiansen Legal Solutions handles all aspects of Utah family law, from adoptions to custody and divorce cases. Our experienced divorce attorney in St George, Utah, is not afraid to go to court because we work hard to resolve issues in mediation or by settlement. Part of our commitment to our clients who are going through these matters is to dramatically improve their lives by eliminating the hassles and looking for long-term solutions to their needs.
We can help you with your Utah family law needs. Contact our St George family law office with any questions you may have or if you would like to set up an appointment with our experienced divorce attorney in St George, Utah.