Family law cases are the most contentious, especially involving property division. When there is a divorce between a couple, their assets and debts are divided equally between the partners. This division process is complicated and, therefore, requires help from the legal counsel and attorneys who can help you solve the case effectively.
This article will help you understand property division in divorce cases and how it works. It will discuss everyday division in family law cases. However, you must consult an experienced lawyer in Salt Lake City to learn more about such family laws regarding property division. Various lawyers, such as Salt Lake City divorce attorney, can help you deal with property division cases effectively.
What is the Property Division?
Property division divides the assets and debts between two parties in a divorce or separation case. Everything, such as real estate, vehicles, bank accounts, and retirement savings, will be included in this division. The main goal of such property division is to ensure fair and equitable distribution of assets and debts between the parties.
What are the Factors in Deciding Property Division?
Property division is based on the principles of equitable division. In family law cases, the property is divided fairly and not equally. Some essential factors decide property division, such as:
- The length of the marriage or relationship
- Income and earning potential of each party.
- The needs of each party include child custody, healthcare costs, and other such reasons.
- Contributions each party made in the acquisition and maintenance of such properties.
This property division is mainly decided through mediation, negotiation, and collaboration. If there is no result of agreement between the parties, then the court will make decisions based on these factors.
What Assets and Debts are Subject to the Property Division?
The assets and debts acquired during marriage or relationship are subject to division. These assets include:
- Bank accounts, investments, and savings
- Real estate, family, and investment properties.
- Business interests and intellectual properties
- Vehicles and other personal property
- Debts such as credit card debts, mortgages, and student loans.
Property division is a complex process that involves various financial and emotional implications. Therefore, you must understand these basic principles of property division to ensure a fair outcome in your case. You can consider consulting an experienced family lawyer who can explain you in detail about the property division laws and their implications in your case.
