Many Utah residents go into a marriage thinking they will be with their spouse for the rest of their lives. Unfortunately for many couples, however, their happy years are too soon turning into ones of incompatibility and arguments. Entertaining the idea of divorce can be a frightening prospect as couples often build their lives around each other, and divorce means branching out as individuals and going through property division.
Figuring out who a person is as an individual after divorce can be difficult for some. They have become used to living their lives a certain way, and they may be concerned how their lifestyles will change once they no longer hold the title of husband or wife, especially when it comes to finances. A person’s income can drastically change due to alimony, child support or simply from no longer having a joint account. A person must be aware that they will need to accommodate for these changes in the future, which may mean cutting back on certain expenses.
When it comes to dividing up the assets, it is important that the true value of items is understood. Some individuals may be afraid that they will end up with less than their ex-spouse or that they will not receive possession of property to which they feel entitled. Having a third-party determine the value of certain property and make sure that items or financial information is not being withheld could be helpful.
It is natural to feel uncertain and possibly fearful when major life changes occur. Divorce is definitely a major life change, and it can be stressful to deal with when parties are unsure as to what to expect and as to what they may be left with post-divorce. Property division and financial matters concerning separation can become complex, but information on relevant Utah laws could help when navigating the processes.
Source: CBS News, Divorce financial planner: 3 common fears, Robert Pagliarini, Aug. 23, 2013
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