Equitable Asset Division During Divorce
During divorce, property and debt must be divided between each spouses. The manner in which these items are divided can have a major impact on each spouse’s future financial health. Located in American Fork, Utah, Featherstone Family Law works hard to ensure our clients get the assets they need to leave their marriages in the most financially stable manner possible.
Diving Marital Property
In Utah, there are two types of assets: marital and separate. Marital assets include anything acquired during the marriage by either spouse. Separate assets include items owned individually by each spouse before the marriage, as well as certain items — such as inheritances and gifts — acquired by one spouse during the marriage. However, if a spouse intermingled his or her separate properties, those properties will be considered marital and can be subject to division. A common example of commingling includes transferring money from an inheritance into a joint bank account.
Determining which properties are marital and those that are separate is extremely important. During divorce, all marital assets and debts are equally divided between the spouses. Separate properties stay separate.
Accurate Asset Evaluation
At Featherstone Family Law, our attorneys work diligently when evaluating our clients’ — and their spouses’ — properties to ensure we uncover any hidden assets, accurately classify all properties as marital or separate, and fairly value each property in the marital estate. We then pursue fair property division orders that protect our clients’ financial interests.
Common marital properties and debts include:
- The family home
- Cars and other vehicles
- Retirement accounts, including 401(k)s, IRAs, Roth IRAs and state pension plans
- Bank accounts
- Credit card debt
Affordable Rates, Excellent Service
At Featherstone Family Law, we believe everyone should have access to excellent legal service. We keep our rates low, offer “unbundled services,” DIY support and flat fees to ensure our clients get the legal support they need in the format that is best for them.
To schedule a free consultation with one of our American Fork asset division lawyers, contact our firm at 801-960-3359 or 866-434-0523.