Property Division in a Divorce
Are all assets split 50/50 in divorce?
This is a common misconception about divorce proceedings. Splitting assets in half are not the default; it's quite rare. It's also not possible for one person to get everything and for another to get nothing. That's more like a no-fault divorce and somewhat rarer than regular divorce proceedings. No-fault divorces are often reserved for couples who have been separated for extended periods and cannot agree on financial issues.
Property Division Process
In most cases, when a couple decides to divorce, they will have to go through a property division process in which they agree on how their assets should be divided. This can be done informally as part of an uncontested divorce, or it can involve hiring a lawyer and becoming involved in a contested divorce proceeding.
As part of property division, some assets might be considered community property, and others may be considered separate property. Community property includes assets acquired during the marriage, such as income earned from work or investment property purchased with marital funds. These assets will generally be split evenly between spouses during property division (though exceptions exist). Separate property includes gifts from parents or inheritances that were not used for the benefit of the partnership during the marriage.
Division of Assets
One of the parties in a divorce often feels that they are not receiving their fair share of things like property, bank accounts, and retirement accounts. Unfortunately, dividing these assets equally in a divorce is sometimes so simple. Many assets, such as retirement accounts, can't be split because they belong to a single individual with defined beneficiaries. Property acquired during a marriage is jointly owned by both spouses and therefore has to be divided equally.
However, if one spouse is an investor who put their life savings into a home or business purchased before the marriage, that spouse may be able to keep 100 percent of those assets. Suppose you're going through the divorce process and must determine how to divide your assets with your spouse. In that case, it's important to consult with a family law attorney who can help you assess your situation and make decisions based on your unique circumstances.
Family Law Attorney Free Consultation
If you have any questions or in need a Family Law Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
https://www.ascentlawfirm.comDisclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
