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What are ways divorcees reach a mutual agreement when splitting up their assets?

What are ways divorcees reach a mutual agreement when splitting up their assets?

What they often do (but shouldn’t): rationalize and justify their greed and pettiness in advancing their “arguments”* for why they should get what they want. This results in claims for obviously lopsided divisions of marital property and to false and fatuous claims that what is marital property is actually “my separate property” and “that was a gift from my parents to us, so now that we are divorcing, it’s mine.” Being greedy and petty in the division of marital assets is self-defeating because it often leads to wasting more time, effort, and money than the property is worth.

What they could—and usually should—do: 1) think like your divorce court judge will think and do what the law requires your judge to do, i.e., divide all marital property equally (meaning an equal division of the value of the property), unless there are clearly evident exceptional circumstances that equitably warrant an uneven division of marital property.

*the definition of the word “argument” is not what many people believe. An argument is not the same as a quarrel. An argument is “a reason or set of reasons given with the aim of persuading others that an action or idea is right or wrong.”

Utah Family Law, LC | divorceutah.com | 801-466-9277

https://www.quora.com/What-are-ways-divorcees-reach-a-mutual-agreement-when-splitting-up-their-assets/answer/Eric-Johnson-311?prompt_topic_bio=1

 

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What are ways divorcees reach a mutual agreement when splitting up their assets?

What are ways divorcees reach a mutual agreement when splitting up their assets?

What they often do (but shouldn’t): rationalize and justify their greed and pettiness in advancing their “arguments”* for why they should get what they want. This results in claims for obviously lopsided divisions of marital property and to false and fatuous claims that what is marital property is actually “my separate property” and “that was a gift from my parents to us, so now that we are divorcing, it’s mine.” Being greedy and petty in the division of marital assets is self-defeating because it often leads to wasting more time, effort, and money than the property is worth.

What they could—and usually should—do: 1) think like your divorce court judge will think and do what the law requires your judge to do, i.e., divide all marital property equally (meaning an equal division of the value of the property), unless there are clearly evident exceptional circumstances that equitably warrant an uneven division of marital property.

*the definition of the word “argument” is not what many people believe. An argument is not the same as a quarrel. An argument is “a reason or set of reasons given with the aim of persuading others that an action or idea is right or wrong.”

Utah Family Law, LC | divorceutah.com | 801-466-9277

https://www.quora.com/What-are-ways-divorcees-reach-a-mutual-agreement-when-splitting-up-their-assets/answer/Eric-Johnson-311?prompt_topic_bio=1

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How did you cleanly separate your online accounts with your divorce?

This comes up most commonly in two scenarios:

1) non-financial online accounts (like Netflix, Amazon, a social media account, etc.) and 2) separating financial accounts.

1) Non-financial online accounts (like Netflix, Amazon, a social media account, etc.):

The problem that arises with online accounts such as these are many. Sometimes you cannot cancel them at will (because the subscription may be for a year when you’re only partway through the year, for example).

Another problem is worrying that if the right to the use and possession of the joint account is awarded to just one ex-spouse, then he or she might fail to pay the fees or may abuse the account in a way that exposes you to liability.

If the account cannot be divided into two separate accounts, sometimes both members of the couple may want the benefits of the account so much (and can’t replace those benefits with a new account) that they cannot agree who will get to keep the account.

If you and your ex-spouse cannot divide a single account into two separate individual accounts, then the best practice is (even though easier said than done): cancel the joint account and reopen a new one, if you want to continue using the account in the future.

2) Financial accounts:

Typically it’s as simple as withdrawing the money from the accounts and dividing it between you as agreed or as ordered (as the case may be) and then closing the accounts. It would be wise for you and your ex-spouse together (or at least you, if your ex-spouse won’t work together with you) to send to the financial institution a certified letter and e-mail with a read receipt a brief, clear message that you and your ex-spouse are divorced and that in connection with the divorce you and your ex-spouse agreed/were ordered to empty the joint account, close it, and not re-open it and that the account is not authorized to be re-opened or otherwise utilized by either of you in the future.

If that doesn’t work because, for example, your ex refuses to cooperate in then you may have to get a court order to have the money withdrawn and divided and then have the accounts closed. In Utah (where I practice divorce law), the rule for this is Rule 70 of the Utah Rules of Civil Procedure:

Rule 70. Judgment for specific acts; vesting title.

If a judgment directs a party to execute a conveyance of land or to deliver deeds or other documents or to perform any other specific act and the party fails to comply within the time specified, the court may direct the act to be done at the cost of the disobedient party by some other person appointed by the court and the act when so done has like effect as if done by the party. On application of the party entitled to performance and upon order of the court, the clerk shall issue a writ of attachment or sequestration against the property of the disobedient party to compel obedience to the judgment. The court may also in proper cases adjudge the party in contempt. If real or personal property is within the state, the court in lieu of directing a conveyance thereof may enter a judgment divesting the title of any party and vesting it in others and such judgment has the effect of a conveyance executed in due form of law. When any order or judgment is for the delivery of possession, the party in whose favor it is entered is entitled to a writ of execution or assistance upon application to the clerk.

Utah Family Law, LC | divorceutah.com | 801-466-9277

https://www.quora.com/How-did-you-cleanly-separate-your-online-accounts-with-your-divorce/answer/Eric-Johnson-311

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Dividing Military Pensions and Benefits

Most divorces are complicated by nature. Throw in the fact that one or more of the divorcing parties is a military service member, or has military benefits, and the divorce becomes really complicated.

Fortunately, the Uniform Service Former Spouses’ Protection Act (USFSPA)(i) addresses some military related issues such as service member’s military retirement pay, service member’s Survivor Benefit Plan (SBP), service member spouses’ access to commissary and exchange, and service member spouses’ access to healthcare benefits. It is important to note that the USFSPA does not automatically confer any of these benefits to a military service member’s spouse upon divorce. The USFSPA is guidelines that allow states to treat disposable military retired pay (more on this in a moment) benefits as marital property according to the state in which the divorce is filed.

A little note about jurisdiction: before starting any divorce action, you must know if the court in which you are planning to file for divorce has jurisdiction over your divorce case. If you are uncertain of your desired court’s jurisdiction over your divorce action, consult a good attorney first.

In the State of Utah military retirement benefits accrued in whole or in part during the marriage are divisible.(ii) This means that courts in Utah treat disposable military pensions just as they would any pension or retirement benefit from any other employer.

What is disposable vs. non-disposable military retired pay? For tax purposes, some military service members have the option of waiving a portion of their military retired pay in order to receive non-taxable Veteran’s Administration (“VA”) disability compensation. The gross amount of gross disposable retirement compensation that can be split in a divorce action is reduced.(iii) This can be a headache for courts when trying to divide military retirement pay. Before you try to exploit this potential option, consider that some courts will try to bring the divorcing parties to a financial position where they were before waiving military retirement pay. On the other hand, the courts may also look at a spouse’s waiving of military retirement pay as way of fraudulently attempting to avoid divorce decree obligations. In either case, it is very important to consult go good attorney before attempting to change the way you receive your military retirement pay and other benefits.

You can download a PDF version of the USFSPA manual by clicking this link or by going here: https://www.dtic.mil/cgi-bin/GetTRDoc?AD=ADA452505

Utah Family Law, LC | 801-466-9277 | divorceutah.com

(i) 10 U.S.C. 1408: The Uniformed Services Former Spouses’ Protection Act (https://www.dtic.mil/cgi-bin/GetTRDoc?AD=ADA452505)
(ii) Utah Code § 30-3-5 and Green v. Green, 751 P.2d 827 (Utah Ct. App 1988)
(iii) See Mansell v. Mansell, 490 U.S. 581 (1989) (holding that former spouses cannot be awarded any portion of waived disability compensation)

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