A Utah Divorce: How must I divide assets with my (soon-to-be-ex) wife?

Question

No Kids. 8 year marriage. Own a house with $124K owed on the loan, appraising (she claims) for $150K. She wants the house, so she'll need to buy me out, as I understand it. She also says that to buy me out, she must pay half of the equity, which would be roughly $26K, minus realtors' fees of 5% (our guy would only take 2%). She also includes other fees that would bring the net amount to about $15K. Thus, to buy me out, she says, she'd owe me $7,500.

I aim to keep our car, so I'd need to pay her $4000; we'd also split her 401K ($2000 when cashed out). The way I see it, that means I should net $4,500 from the house + 401K ($7500 + $1000) minus the car ($4000). But she seems to think that she can essentially "force" me to accept property instead of cash. In other words, she could give me $4500 worth of furniture and appliances instead.

I don't want that; I NEED the money. This seems wrong to me. Is it? Is anything else in this scenario wrong? Thanks

Again - this is in Utah.

Answer 1

dont sign nothing seek a lawer on this matter ?

Answer 2

"Barely divorced" is hardly a sign of a completely severed relationship. Speaking as someone who was divorced and then had his wife marry again 4 months later, I can honestly say that ANY new relationship that he has with another woman is going to sting the feelings of his ex-wife. Unless, of course, she also is dating. The belief is that a divorce finishes the relationship, the reality is that feelings and perceptions persist for a long time after that. I still catch myself thinking about my ex if I happen upon an old photo -- not because I have current feelings for her, but because my memories are still there. He is under no obligation to inform the ex that he is dating again AS LONG AS HIS CHILD is not in the home when you are and DOES NOT SLEEP OVER when you are there. His ex would have an actionable complaint if anything like that happened. Very, VERY few divorces end amicably enough to allow for discussions of current relationships. If she learns now, she'll be hurt. If she learns later, she'll be hurt that he didn't tell her. It's a no-win situation, it's really how much he wants to begin a dating relationship with you that counts. WARNING: The 'rebound' is not a myth. His ability to find a 'new' relationship may seem enhanced at the moment, but his feelings may still be conflicted. Give this dating thing a LONG chance to proceed at it's own pace, because chances are that he'll fluctuate on how he feels about you.

Answer 3

I got a devorce in Utah some time ago and all I got was one Car and My Personal Cloths and the right to pay all the debts and Dr Bill aquired during are marrage. also I Hade to pay her alamoney and child support . She was the one who was cheating and running around.
IF your X 's offers you anything Take It and run. If you can't get Money forget about It and sence you have no children leave the State and go where no one can find you and don't ever get a devorce in Utah Again.

Answer 4

Sounds wrong. You cannot sell that funiture. Who knows what that is worth anyway. She can refinance the house or sell it and give you cash. That furniture and applicances could have depreciated. If she sells it and gives you procedes from that equal to the money it is fine, but I doubt she can get that much for it.

She is trying to screw you. She cannot do anything you do not want her to do. Also a juge will not sign somthing un fair.

You may need to ballance the need for an attourney with getting screwed by you ex.

Answer 5

1

Answer 6

don't agree
and then force the sale of the house
keep in mind she does not want this to go to court
so let it go there where if you cannot come to angreement the judge will force the sale of the house

In Utah, the property and debt issues are typically settled between the parties by a signed Marital Settlement Agreement or the property award is actually order and decreed by the District Court within the Decree of Divorce.

Utah is referred to as an "equitable distribution" state. When the parties are unable to reach a settlement, the District Court will take the following approach to dividing the assets; First, it will go through a discovery process to classify which property and debt is to be considered marital. Next, it will assign a monetary value on the marital property and debt. Last, it will distribute the marital assets between the two parties in an equitable fashion. Equitable does not mean equal, but rather what is deemed by the District Court to be fair.

Marital property is divided equitably upon divorce. The court will examine each case on an individual basis and determined an appropriate property award based on what is fair to each spouse.

The spouses are not personally liable for the separate debts, obligations, or liabilities of the other: (1) contracted or incurred before marriage; (2) contracted or incurred during marriage, except family expenses; (3) contracted or incurred after divorce or an order for separate maintenance under this title, except the spouse is personally liable for that portion of the expenses incurred on behalf of a minor child for reasonable and necessary medical and dental expenses, and other similar necessities. (Utah Code - Sections: 30-3-5, 30-3-12)

Since Utah is an "Equitable Distribution" state, all marital property will be divided in an equitable fashion according to the court unless agreed to otherwise by the divorcing spouses. What does "equitable" mean? Equitable can be defined as "what is fair, not necessarily equal." To automatically believe the marital property would be divided 50-50 would be a wrong assumption in any equitable distribution state. You can also read more about Utah property division in the Utah state statutes located at: http://www.le.state.ut.us/.

Utah Divorce Laws aren't very complicated. The divorce process can be over quickly or it can take up to 90 days or more depending upon certain situations. Just remember that you and your spouse can't have the same attorney due to conflicts. When you go to get a divorce in Utah then you and your spouse usually agree upon who pays what debt that occurred during the marriage. The bill collectors and creditors don't have to agree to the arrangements that you and your spouse made with each other regarding who is responsible for the debt. You can also divide assets equally upon agreement. If you and your spouse don't have a high income or don't have major debts or many assets then you can work things out together during the divorce then you might not need an attorney. You really only need an attorney if you and your spouse can't work together to divide everything up, high income, many assets, and huge debts.

Utah Divorce Laws do grant alimony to be paid regardless of gender. The purpose of Alimony is to help the person be able to pay their debt and regular household expenses for a little while. They do take into consideration how many years that you have been married and how much income the person has each month and debt that you have. You only can get alimony for only last for a certain amount of years , but alimony usually can't be longer than how many years that you and your spouse were married. Alimony is revoked when the ex spouse gets remarried or when he or she is living with someone else of the opposite sex.

Utah Divorce Law usually requires both parties to go into a divorce education class before getting a divorced if you have children together. If for some reason you and your spouse can show that you two don't need the class then you don't have to go to the class. The class entails how divorce is difficult on children, how to divide debt up along with other things, and affects of divorce.

In the process of a divorce if you two have any children then you usually work out an agreement on visits, and joint or sole custody of the children. You can also agree a certain amount of child support per month together for the children. You can go to court to get child support if you and your spouse can't agree on child support.

They have a on line court assistance program that allows you to fill out the divorce papers on line and it only costs twenty dollars to do your own divorce papers. You can access the on line court assistance program at http://www.utcourts.gov/ocap/ on their website. You can use the court assistant program if you have less than 7 children with your spouse and don't make over $10,000 a month together. If you and your spouse have a high income or tons of debt or many assets than you really should get an attorney just to help you both properly.

Long before the towel is thrown in on a marriage, the couple should seek marital counseling. There are professional counselors - for a fee - as well as those provided through churches, local government (usually health departments) or other organizations for little or no charge. It is always wise to deal with competence - i.e., formal training when considering counseling. If the couple have children then the parents, responsibility to save the marriage is even greater. However, there are some things which are simply inexcusable and are justifiable for divorce: (1) Addictions for which the addicted will not accept responsibility and treatment; (2) Adultery; (3) Abuse - physical or severe mental; and (4) failure to provide support.

Only one spouse needs to file for a divorce. Utah is a no-fault divorce state, meaning divorce can be granted without proving who is guilty. Although, if there is serious fault by one spouse that evidence can be used to affect the ultimate judgment, such as in alimony awards or property divisions. If there is no significant disputes about property, alimony or children then a couple can file for a "do-it-yourself" divorce. Simplified forms are available from "kiosks" located in some libraries and courthouses or on line at http://courtlink.utcourts.gov - then follow the links. However, you are cautioned that if there are children, notable assets including retirement accounts or real estate or issues providing conflict it is wise to have an attorney review the documents.

Under Utah law, the lesser income producer, generally the wife, is entitled to support (alimony) for the same number of years as the couple was married. The amount of alimony is generally calculated so as to result in both spouses having about the same disposable income.

Custody is frequently a difficult issue. There is an unwritten presumption that wives have the edge in obtaining residential custody. However, there are a large number of fathers with custody. The court looks to what is in the children's best interests. Often a professional will be required to make a recommendation after home visits and psychiatric studies of the parents. The courts are usually willing to accommodate any reasonable arrangement to which the parties agree. In the event of disagreement, Utah has a schedule of "standard visitation" which the courts will enforce to grant minimal visitation to a spouse. However, the children should have more than minimum visitation - they are generally the big losers in the marriage breakup and the little solace they get comes from more frequent visits with estranged parents - so long as those visits are for the benefit of the children and not for the venting of a parent's hostilities.

Marital property, defined as the property acquired by the couple during the marriage is divided equally. Property includes retirement accounts, equity in homes, businesses or investments and all of the furniture and other property accumulated. Marital property does not include property owned before the marriage or obtain as an inheritance or gift. (Although the appreciation in value of the marital residence, investment or business may become marital property.) The children's personal property is usually left with the custodial parent, or separated for the use of the children in some fair manner. Likewise the marital debts are shared, generally in relation to the ability to pay.

Child support is an obligation of both parents. It is calculated from a schedule established by the Utah Supreme Court, based on the income of both parents, the number of children and other relevant factors. Each parent pays a percent of the total child support figure from the tables based on that parent,s income.

Any of these arrangements can be modified by agreement. However, the court will usually review all such arrangements to make sure that one person does not take unfair advantage of the other.

Is a lawyer necessary? No - especially if there are no children or significant property, or if the couple are reasonable and cooperate in settlement. However, most marriages do not end with reasonable people. It is a very emotional event. If there are disputes about custody, visitation, or property it is wise to use a lawyer. It is rarely wise for both to use the same lawyer. The lawyer may have a conflict of interest unless the parties are very cooperative.

Answer 7

Shouldn't that be wives?