Debt Division in a Utah Divorce
The property division process can be complicated, even under the best circumstances. Not only is it complex, but it can also be frustrating, confusing, and emotionally trying. Utah divorce laws follow the rules of equitable division, which means all assets owned by a married couple may be subject to division when they divorce.
Divvying up your possessions during your divorce can be hard enough, but finding a way to divide your debt can be even more stressful. However, not every type of debt may be subject to division in a divorce.
In order to determine how the court will categorize and distribute your debt, make sure you discuss your debt division with an experienced divorce attorney at Pearson Butler. We have more than 30 skilled attorneys at our firm and we handle each case with a commitment to achieving the best possible outcome for our client.
Call (800) 265-2314 to schedule a confidential consultation with our attorneys, today.
About Debt Division
As with any other property, debts are subject to division when a couple divorces. In the state of Utah, courts abide by an equitable distribution law, which allows couples to divide their property in a way that is fair and reasonable, though not necessarily equal. In other words, although each spouse may not get precisely 50% of the assets, they will be split in a way that the court deems fair. Debts are no exception to this rule, and they are subject to division just like any other asset.
What is Subject To Division?
Credit card debt, personal loans, home loans, auto loans, and other similar debts are all subject to division in a divorce. Student loans may also be included in this bunch, though not always. Some property, called separate property, may be exempt from division and can be retained by the sole owner/spouse who is entitled to that property.
For example, if you took out student loans before meeting your spouse, you may retain that debt after your marriage, rather than splitting it with your ex-spouse. On the other hand, if you and your spouse took out a personal loan to help pay for a kitchen remodel in your home, that debt will most likely be split between the two of you.
Let Our Attorneys Help You
Determining how these debts will be divided is much trickier, as it depends on the circumstances of your divorce. For more personalized responses to your debt division questions, be sure to contact one of our attorneys at Pearson Butler. We have ample experience working on complex divorce cases involving debt division, and we can help you find a favorable resolution that helps you maintain a steady economic position.
Contact Pearson Butler today to discuss your case with our Utah debt division lawyers.