One issue many people do not realize when they separate is that anything they purchase while they are separated is technically a marital asset and therefore subject to an equitable distribution by the court. Yeah, that is correct, and we know it comes as quite a shock to many of our clients, but that is the general rule. All assets acquired after separation by either party before a decree of divorce is entered or the marriage is actually terminated may be considered martial property. Parties should therefore be extremely careful prior to the actual divorce being entered. Where parties to a divorce typically get in hot water under the rule and create further conflict is when one spouse chooses to purchase a home prior to the decree being entered. In many cases it can take several months if not years for a divorce to be resolved and a decree to be entered. Parties often get impatient and start living their separate lives before anything is final. This especially seems to occur with home purchases. In one case, the Utah court of appeals held that the equity which accrued in a husband’s home he purchased while the parties were separated but before the decree was entered, was a marital asset subject to division. Often people wish to purchase homes quickly, be advised you should speak with an Ogden Utah Divorce Attorney in our office prior to making any large scale purchases while separated.
Marital Homes and Other Real Property Matters in Divorce
A point of contention in any divorce is often possession of the marital home and other real property matters. Whether you are thinking about purchasing a home while you are separated, or if you would just like to better understand what your options are for any real property division in your case, call and speak with a Utah family law attorney at our firm now. Call 801.475.0991 for a free consultation and review of your situation.
