Strategic Advocacy for a Just Tomorrow
Division of Property and Equitable Distribution: How it Works
Especially for lengthy marriages, dividing property during divorce in Utah is no easy task. Not all property is subject to division, and identifying and quantifying marital property is a challenge in itself. Even once the parties have defined the marital estate; it is not simply a matter of dividing it down the middle. Courts consider a number of factors in reaching a distribution scheme equitable, but not necessarily equal. Therefore, divorcing spouses must also analyze these factors during negotiation to avoid selling themselves short.
What Property is Subject to Division?
Even before they can begin negotiating the division of marital property, parties to a divorce thoroughly must identify and value their property and determine what is subject to division and what is not. Property acquired by either spouse prior to the marriage and gifts and inheritance given to one spouse only is usually not subject to division. Personal injury awards, to the extent they reflect pain and suffering, future medical expenses, and lost wages, are also exempt.
If spouses pool their separate property, however; it quickly becomes more complicated. Likewise, if separate property is used to acquire a business or other asset that increases in value due to the effort of one or both spouses, the lines between separate and marital property can become blurred. At Northern Utah Law, attorney Ken Peterson has access to a distinguished network of accountants and other financial and economic professionals who can provide expert analysis to resolve complexities in the division of marital property.
Factors Influencing Division
Division of marital property in Utah, as in most states, is largely subjective. There is no formula for determining what is fair; there is only a set of factors that judges must consider in arriving at a decision:
Each spouse’s age, health, and earning capacity
Each spouse’s contribution to the earning capacity of the other
The length of the marriage
Each spouse’s separate property
Each spouse’s contribution to the marriage
Fault is not a consideration in deciding equitable distribution. The goal, instead, is to give each party a share of the marital estate reflective of the role each played in amassing it.
Contact Northern Utah Law Today for Knowledgeable Counsel and Committed Support
Contact Northern Utah Law today to schedule a free consultation to discuss your situation with attorney Ken Peterson.
Northern Utah Law
Kenneth D. Peterson, Esq.
Contact@NorthernUtahLawFirm.com
(435) 265 - 3595
P.O. Box 4527
Logan, UT 84323