When your marital estate includes intangible assets such as investments and business properties or assets that have not fully matured, it is important to work with a family law attorney who has experience handling these issues. They can help you value and divide complex assets such as: • Pension plans and retirement accounts: The portion of a pension that was acquired during a marriage is subject to equitable distribution. How much is your family business worth? Will one spouse continue to run the business?Don’t Let Emotions Lead Your Financial Decisions Everything Is Divisible and Fair GameIndividuals often make the mistake of assuming that assets that are in their names can’t be claimed by spouses in a divorce. However, divorce experts caution that the opposite is true. Because the same holds true for liabilities like debt and credit cards, couples should be sure to consider all factors when doing their financial planning. Make Big Purchases Before Filing for Divorce“Most states issue automatic financial restraining orders prohibiting people from making big purchases or liquidating assets after the divorce is filed, absent a court order or an agreement.” Keep Track of Your Spouse’s MoneyIf you’re thinking of filing for divorce or even marriage separation, it’s a good idea to take a look at your spouse’s financial situation. Spouses should start by tracking partners’ new credit card and loan applications. Gather Key Evidence Before Filing for a DivorceIf you’re thinking of filing for divorce, it can be tough not to walk out the door when your spouse pushes your buttons. However, individuals take time to collect evidence before a split. Along with taking pictures of assets, individuals should make copies of account statements and jot down any important numbers. Preparation is key if you hope to come out ahead in court. Get Property Valued Before You Part WaysWhen it comes to divorce, almost all property is fair game. However, spouses can’t hope to get their fair shares if they don’t know the value of assets. Don’t Hide AssetsYou can try to deceive your spouse by hiding or concealing assets, but don’t forget that you’re also messing with the law. If what you’re hiding is discovered, you’ll lose your credibility in court. There could also be stiff penalties, including monetary sanctions. To protect yourself and your property during a divorce, it’s best to declare all assets upfront. Know Your Biggest AssetMany people mistakenly believe that their house is their biggest asset when it is actually a retirement or pension account. Even if your retirement account is less than robust now, the court will likely consider its future value when dividing assets. “There are many ways to divide your portion of your spouse’s retirement asset (called a qualified domestic relations order) so give that due consideration.” The Division of Property Can be ComplexDividing assets and properties isn’t always a simple numerical transaction. “Negotiating the division of property is an art form all its own.” “It’s a three-step process: characterize the asset, value it, divide it.” After the asset is identified as community property, separate property or both, figuring out the value can be tricky. “For instance, a bank account with cash in it is pretty easy to value — look at the balance.” “But a retirement account, a house or securities can have more complex issues.” Retirement Accounts Are Not Worth the Statement Balance Utah Divorce LawyersWhen it is time for divorce in utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
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