(801) 254-9450 Before a judge can divide marital property in a divorce case, they must first establish the type of assets owned by both spouses. While courts divide these assets in some cases, property sometimes remains in the original owner’s possession.
If you have questions about the types of assets in South Jordan, now is the right time to ask. At Carr | Woodall, our compassionate property division attorneys could help you navigate the divorce process while protecting your rights and assets.
In South Jordan, a key part of any divorce is determining which types of assets are marital and which are separate. You should be mindful of this classification because only marital property is subject to division under Utah’s equitable distribution laws.
Marital property generally includes anything acquired by either spouse during the course of the marriage. This can range from income and real estate to retirement accounts and personal property, even if an asset is held in just one spouse’s name. The presumption is that both parties contributed to the marriage and should share in its financial outcomes.
Separate property refers to assets one spouse owned before marriage or received individually as a gift or inheritance. These assets are typically not divided in a divorce. However, problems can arise when separate property becomes entangled with marital finances. For example, depositing inheritance funds in a joint account or using them for joint expenses. In these cases, separate properties may be deemed commingled, converting them into marital property.
There are different types of property that you and your spouse may have shared during your marriage. Divorces in South Jordan often involve the appraisal and division of the following types of assets.
One of the biggest assets most married couples own is their own home. In high-asset marriages, the parties may also share ownership of rental properties or vacation homes. To reach an equitable division of property, it may be necessary to sell real estate and share the proceeds between the spouses.
Liquid assets, such as bank accounts and certain investments, are much easier to divide than real estate. In most cases, this process is as simple as transferring funds to individual accounts based on the way the property is divided.
Pensions can present significant challenges during asset division. There are often steep penalties for accessing this money early, so it is usually best to leave the funds untouched, even if some are designated to the other spouse. A court can issue an order establishing a party’s ownership stake in their former partner’s retirement funds.
Another complex situation involves joint interests in closely-held businesses. When it comes to large companies, it may be possible to sell certain assets to satisfy the other spouse’s interests. When that is not the case, liquidating the business might be the only option.
If you have questions about other types of assets in South Jordan divorce cases, you may benefit from a discussion with Carr | Woodall. Our lawyers could work with you to develop a plan for every aspect of your divorce case. If you are concerned about being treated unfairly by the courts, we could assist you and ensure your rights are protected. Contact us for a private consultation.