(801) 254-9450 One of the most contentious aspects of divorce proceedings is the division of marital assets. When two people divorce, the courts decide how their shared property is divided. This is not as simple as it may sound, given that some assets are considered the property of one spouse or the other.
Understanding the types of assets in Heber City divorce cases is an important first step for anyone going through this process. Our dedicated property division attorneys are here to answer your questions and help you protect your rights.
In general, every asset in a divorce case is considered marital or non-marital. This distinction is important, as it determines whether the court has the power to divide it.
Marital assets are property jointly owned by spouses that most often was obtained during the marriage, whether purchased using shared funds or not. There are times when property brought into the marriage may also be considered marital.
Non-marital assets are owned by one spouse, usually before the marriage, and are not taken into account when the court divides property. However, the courts may consider some assets, such as an inheritance or a personal injury settlement, to be individual property, even if they were secured during the marriage. Our lawyers in Heber City could help you identify what qualifies as marital and non-marital assets in your marriage.
When couples in Heber City divorce, one of the key legal steps involves identifying the types of assets they own. The following are examples of marital assets.
Real estate often represents the most significant asset in a divorce. This includes:
Even if only one spouse’s name is on the deed, the property may still be a marital asset if purchased during the marriage or maintained with marital funds.
Cars, trucks, motorcycles, recreational vehicles, and boats are all considered marital property if acquired during the marriage. The court will consider the value of each vehicle, which can be complicated to determine since these assets generally depreciate rapidly.
The courts will typically split shared checking, savings, and investment accounts. The courts will first determine if both parties are named on the accounts, but property in individually held accounts may be considered a marital asset.
If either spouse started or invested in a business during the marriage, those business interests may be subject to division. This can be a challenge for small, family-owned businesses that lack liquid assets to divide between spouses.
Understanding the different types of assets in Heber City divorce cases can be confusing. Seeking legal counsel could help you get the outcome you deserve and ensure your rights are protected. At Carr | Woodall, our attorneys understand the importance of property division in a divorce. Call our team today to learn how we could help.