How Are Assets Are Divided In A Divorce?
Most couples will have a joint bank account. If you are planning a divorce, you should make a comprehensive list of all your joint accounts. Even if you didn't know you were jointly owned, it's still important to note these and close them together. Moreover, joint bank accounts should be closed together.
Property acquired by gift, bequest, devise or descent is not marital property
In a divorce, property acquired by gift, bequest, devise, or descent is not considered marital property. It remains separate property, even though both parties have rights to it. However, these rights are not attached to the legal title of the property, and they are only relevant to determining the monetary award.
Separate property consists of everything acquired by the parties before the marriage and during the marriage, whether the property was acquired as separate property or by gift. Separate property also includes the proceeds of the sale of separate property, and any income produced by such property.
The court should leave a definable portion of ownership when dividing marital property. Specific findings about the value of a property do not have to be made in a divorce case, but the basis for the trial court's decision must be clear.
If you need an Divorce Attorney, please call this law firm for a free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
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