In a divorce settlement or separation agreement, both parties need to come to an agreement on how to divide their property, assets, and debts equally and fairly. The legal professionals at Anderson & Rogers will help you organize your assets and debts and work with you, the opposing party’s legal counsel, as well as the Court, in establishing an equitable or agreeable division. The process of such division requires the following steps:
- Characterization of Property or Liabilities: In a divorce settlement or property/debt distribution, properties and liabilities fall into one of two categories. They are either marital (acquired or commingled during the marriage) or separate (owned prior to the marriage or received via gift or inheritance).
- Valuation of Assets and Liabilities: Often, opposing parties will have different opinions on the value of an asset or liability. Consequently, if parties cannot agree upon these valuations, a third party may need to be involved in deciding an asset’s value or the scope of a liability.
- Division of Assets: If you are unable to come to an agreement on your marital settlement, it will likely be necessary to take your case to trial, and the court will divide your debts and assets for you.
If you and the opposing party disagree on the value or something, or whether a possession or debt is considered marital or separate, you will want the help of a Utah divorce attorney from Anderson & Rogers.