This Postnuptial Property Agreement is made with the intent to define and specify the respective and collective rights of the parties in the separate and joint property of the parties. The parties acknowledge that they were represented by counsel during the negotiations of the agreement and the legal consequences of the agreement have been fully explained.
Utah Property Laws
State:
Utah
Control #:
UT-01713-AZ
Format:
Word;
Rich Text
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FAQ
Residential properties that serve as the primary residence of any household receive an exemption of 45% of fair market value. Therefore, the taxable value is only 55% of fair market value. Tax rates are applied to the taxable value to determine the property tax due.
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.
The primary residential exemption is a 45% property tax exemption on most homes in Utah. This means you only pay property taxes on 55% of your home's fair market value. You may be eligible for the primary residential exemption if you occupy your home for 183 consecutive days or more in a calendar year.
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.
The Utah State Tax Commission defines tangible personal property as material items such as watercraft, aircraft, motor vehicles, furniture and fixtures, machinery and equipment, tools, dies, patterns, outdoor advertising structures, and manufactured homes.