cta

Aggressive and Thorough Representation
in Immigration, Criminal & Family Law

Division of Marital Assets and Liabilities

In a divorce case, assets and liabilities need to be identified as “marital” or “nonmarital” property. Property acquired, inherited or gifted before the marriage is generally considered “separate, non-marital” property, which is not subject to division by a divorce court, except in some limited circumstances.

In determining whether certain property is marital or not and in deciding what is equitable distribution of marital property, issues like whose name was on a title to property is not automatically decisive. Attorney Kim Trupiano works with her clients to determine and build evidence to show when and how the property was acquired, the source of the acquisition and how the property was used to best represent her client’s interests.

Property Division and Asset Division

Every married couple usually has at least property issues to resolve in divorce.  The marital home, whether it was worth $2 million or $2,000, will often be a matter to work through. Attorney Kim Trupiano works with her client to decide which assets and debts may or may not be considered marital property and which assets may be able to be shown as non-marital property.

Marital or Community Property

Marital or community property is usually determined in Utah to be assets and debts newly acquired during the marriage, either jointly or by one party, other than by a gift or inheritance to one spouse. There is no specific mathematical formula for division in Utah so each party must be prepared to show what is a fair distribution based upon a combination of factors as set forth in Utah law.

Non-Marital or Separate Property

Non-marital or separate property are the assets and debts owned prior to the marriage that remain unchanged, or gifts or inheritances during the marriage to one spouse (usually including gifts by one spouse to the other).

Commingled Property

Commingled property are the assets and debts that were not acquired as a result of or during the marriage but which were joined with marital accounts, which were traded in to acquire new property, which were repaired or enhanced during the marriage with marital funds. Likewise, comingled property can be non-marital debts that were paid with marital funds.

Dissipation of Marital Assets

Dissipation is a form of abuse where one spouse transfers funds from a marital account to use for a non-marital purpose once the marriage is in trouble, such as, to prevent the other spouse from having access. The spouse found to have caused dissipation might be required to reimburse the marital estate.

Premarital Agreement:

Also referred to as a prenuptial agreement, a premarital agreement is the primary method of keeping separate property from becoming joint property after marriage. A premarital agreement is an agreement between the soon-to-be husband and wife in which they specify the separate property of each of them and which property will be treated as joint marital property. The agreement can also dictate how property acquired during the union will be treated as either separate or joint.

Often international legal issues and federal immigration issues may be factored in to such agreements, depending on the circumstances.

Business Property

A spouse may effectively segregate property from the marriage through the creation of a business entity, such as a corporation, limited liability company, or trust or by income-producing real estate and self-employment business assets. If done correctly, the business entity or property may be segregated from the marriage; however, the income from the business during the marriage may still be marital property. Likewise, sometimes increases over the course of the marriage in the value of the business property may be considered marital property although attorney Kim Trupiano has helped her clients often in this regard where there are many ways to argue successfully against this.

Bank Accounts, Investments, and Real Estate

Real estate, bank accounts, and investments can be held individually or jointly. By placing the funds in a joint account, it can be construed that you have made a gift to the other spouse of the entire account. If spouses wish to protect themselves, they should be careful to retain non-marital funds and accounts separate.

Why Trupiano Law Is Successful

  • Aggressive — Although attorney Kim Trupiano works to find resolutions where they can be obtained, she prepares for trial, not for settlement. Kim exploits any hole in the other side’s case to gain advantage and maximize the positive outcomes for her clients.
  • Thorough — Kim’s attention to detail is essential to challenging evidence in court proceedings and producing a strong evidentiary case for her client, including strongly-backed and detailed motions for relief.
  • Compassionate — She eases client concerns by taking the time to explain clients’ rights, explore their options and keep them updated about progress in the case.
  • Creative — Kim does her homework to raise new defense and affirmative relief theories, or to negotiate alternative resolutions and outcomes.

Contact Trupiano Law in Salt Lake City, Utah, for experienced legal counsel. Call 801-266-0166 for a telephone consultation or for an in-office meeting to go over your case.
Call Trupiano Law at 801-266-0166 or contact her online.