S Corporation And Divorce In Utah
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FAQ
Property is divided by the Utah courts during a divorce. Divorce laws in Utah state that marital property should be divided equitably. This means that a Utah court could decide that it is fair to split the marital property 50-50, or they may decide that one party deserves more than 50% of the property.
You will be entitled to one half of all property ``acquired during the marriage''. Things like the 401K would be determined by virtue of the amount, within that account, earned during the marriage.
There is no waiting period before you can get married.
It cannot be waived, no. The court can enter a judgment making the marriage automatically terminate once the 90 days is up, but the 90 days must pass before the marriage dissolves. There is no way to sugar coat that.
So, the takeaway here is that the court has the discretion to determine what a short-term marriage is and whether to grant alimony, but the cut-off is somewhere around 5-8 years or so. Our experience is that a spouse in a marriage lasting less than five years will not typically be granted alimony at trial.
Utah law requires 30 days between filing and finalizing the divorce. This is called the waiting period. You can ask the court to waive the waiting period if there are extraordinary circumstances.
Utah law requires 30 days between filing and finalizing the divorce. This is called the waiting period. You can ask the court to waive the waiting period if there are extraordinary circumstances.
Utah law requires an equitable division of marital property. Equitable means fair, which is not necessarily equal. If the parties agree as part of the divorce or annulment how to divide their property, the judge must review the agreement to be sure that it is fair.
With that said, the general rule, even for short-term marriages, is 50/50 division. However, in some very short-term marriages, the courts may put spouses back into the financial position they were in before the marriage – that is, each spouse gets the asset that belonged to him/her at the beginning of the marriage.
In many cases, the court will award the business to the spouse who ran it but will grants the other spouse other marital assets to offset the value of the business. Or, when both spouses worked hard to build the business, the court may award a share of the company to each spouse.
