In any divorce, both parties have property that must be divided. In Utah, the general rule for dividing property is equitable, not necessarily equal. There are two types of properties, both of which are divisible in some way: marital property and separate property.
This is property that belongs to the marriage, or in other words, the property that belongs to both parties essentially. This includes things like income earned after marriage, and any property acquired after the marriage. Property that is used to support the marriage in someway that started out as individual property of one party can also be classified as marital property.
This is property that wholly belongs to one party or the other. This can be anything that belonged to one party before marriage, or something that belonged to one party and kept separate throughout the course of the marriage. This can even include things like inheritances given to only one person, or gifts given exclusively to one person.
The most common property divided during a divorce are the home, jewelry, vehicles, and other personal property. Other property can include intangible financial items like income, shares in stocks, and retirement benefits. An important note is that any debt incurred by both parties during the duration of the marriage must also be divided. Marital property must be divided, and separate property will be retained by the respective party.
Utah judges have the benefit of considering several factors in deciding how the property will be divided. These factors considered are the length of the marriage, how the property was attained, the future of each person (who will be raising the children, where they will be living, etc.) and the background of both parties (education level and money earning potential) to name a few. Therefore, the property division may be unequal, but it will be equitable.
If you have any questions on the division of property or anything related to family law, or divorce law in general, don’t hesitate to call the Huntsman Firm at (435) 628-2846.