Family Home in Divorce

Family Home in Divorce

Here at Ascent Law, we’ve found that establishing separate living arrangements — including custody of the family home — is one of the most immediate concerns in divorces.  And since the home is often the couple’s most valuable marital asset, it also represents a significant property issue. This is something that you should speak with a family lawyer about right away if you are thinking about getting divorced.

For now, how do I get my spouse to leave so I can stay in or return to my home?

If you own a home together (or if both names on a rental lease), you can request a court order giving you exclusive occupancy of the marital residence while the divorce is in process. The judge is most likely to give occupancy to the party who needs it most — the person who is the primary caretaker of the children, for example, or the person who is least able to afford another place to live.

Will I end up having to leave my home?

If you and your spouse have a settlement agreement establishing the terms of the divorce – or an existing legal separation agreement – the home will likely be awarded accordingly. Otherwise, it’s up to the court to divide marital property, presumed to include your home, according to Utah’s Equitable Distribution Law.

The judge will want to establish the home’s value, the balance on the mortgage and the taxes. Each spouse’s probable future financial circumstances will be examined, including whether each has the resources to maintain the home independently.

The court may order that the home be sold and the proceeds divided between the spouses. This process can be delayed until a future date – for instance, after the children have graduated from high school.

Important Things to Know About Taxes After Divorce

One of the most important tasks to complete when going through a divorce is planning for your financial future. A part of this is determining your tax outlook after the divorce is finalized. If you live in Utah, or if you’ve been in Salt Lake County for more than 3 months and are thinking about divorce, make sure you call a divorce lawyer in Salt Lake City Utah for help with your situation.

Paying taxes is always at least somewhat complicated, but a divorce can make matters even more difficult. However, with the help of an experienced attorney, you will be able to navigate your taxes after your divorce without a problem. Below are a few issues you will need to consider:

Filing status in Divorce

If your marriage has not officially ended, you may file your taxes in several ways. These include “married filing jointly,” “married filing separately” or, in some cases, “head of household.”

You’re considered “married” or “divorced” based on your marital status on the final day of the calendar year. If you were single as of December 31, you were considered single for the entire tax year. If you are divorcing (but still married) as of December 31, you may file your taxes as married. This is typically the best option for both parties, as it offers the biggest tax breaks.

Exemptions in Divorce

If you have children, it might be helpful to file as the head of the household if you are the custodial parent. This offers you lower tax rates and allows you to claim your children as dependents.

Property ownership and Divorce

If you own joint property, you might wonder who is responsible for paying taxes on it. Any income from joint property is kept by the person who ends up with the asset, and so that person must also pay the associated taxes.

Deductions in Divorce

Legal fees connected to a divorce are not deductible — and neither are child support payments. However, alimony payments are deductible for the payer and taxable to the recipient, under certain conditions.

Free Consultation with Divorce Lawyer in Utah

If you have a question about divorce law or if you need to start or defend against a divorce case in Utah call Ascent Law at (801) 676-5506. We will fight for you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States

Telephone: (801) 676-5506

Ascent Law LLC

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Source: https://www.ascentlawfirm.com/family-home-in-divorce/

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