Salt Lake City Property Division Attorneys

Knowledgeable Salt Lake City Property Division Attorneys For Clients in Utah

At Collins Rupp, P.C., our attorneys know that besides child custody, the division of marital property and assets is probably the most contentious issue that couples will need to address in a divorce. Marital property and assets include those that were acquired during the marriage. Property that each spouse owned prior to the marriage or received as a gift or through an inheritance is usually considered separate property and is not included in the marital estate.

In Utah, this property division is done using the equitable distribution standard. Unlike the community property standard, which divides the marital estate right down the middle, with 50 percent going to each spouse, equitable distribution provides a fair division, but not necessarily an equal one. Because there are many variables that can impact the division, it is crucial to speak with one of our property division attorneys to ensure your financial future is protected.

Property Division Process

The first step our property division attorneys take in this process is putting together an inventory of all of the assets you and your spouse have and determining the value of each one. Some of these assets can include:

• Bank accounts
• Retirement plans
• Pensions
• Stock portfolios and other investments
• Real estate
• Businesses
• Intellectual property
• Vehicles
• Personal property
• Collections of valuable items such as artwork or sports memorabilia

One of the most challenging aspects of property division is determining the value of assets, especially when they cannot be easily liquidated or have fluctuating values. Our law firm often works with appraisers and financial experts to assess the value of complex assets. We will also hire a forensic accountant if there is any indication that your spouse is hiding marital assets or has engaged in wasting assets, which is referred to as the dissipation of assets. Our goal is to ensure that you receive a fair share of your marital property so that you will have the financial resources you need once your divorce is complete.

Prenuptial and Postnuptial Agreements

The question of how the marital estate will be divided may not be an issue at all if you and your spouse signed a prenuptial agreement before you were married. A prenup is a legal contract that stipulates how assets will be divided in a divorce. As long as the agreement is valid, the court will generally uphold its terms. Postnuptial agreements may also be used, and they can be created and signed at any point after a couple is married.

If there are factors that could result in your prenuptial or postnuptial agreement potentially being declared invalid, our property division attorneys will work with you to present evidence to the court to show why the agreement should be thrown out. Our goal is to ensure that your interests are always protected and that you will receive the assets you are entitled to.

Debts in Divorce

It is important to understand that not only are assets and property considered part of the marital estate, but debts incurred during a marriage also become part of the estate. Various types of debts may need to be considered during your divorce, including credit card balances, home mortgages, auto loans, or student loans. Our lawyers can help you understand your rights and obligations regarding debts, and we will work to negotiate agreements that will protect your financial interests.

Contact a Salt Lake City, Utah Property Division Attorney

Our lawyers understand that stress about your financial future can play a role in the property division process, and you may also experience an emotional toll due to the dissolution of shared dreams, the potential loss of the family home and all that home represented, and the loss of financial security and the plans of “growing old together.” These feelings can affect you even if you are the spouse who initiated the divorce. Having a skilled attorney advocating for you and providing effective communication and negotiation can help mitigate conflict and ensure that you will be able to reach a fair and acceptable agreement. Contact us at 385-777-2753 to schedule a free and confidential consultation.