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Hanks & Peterson, P.C.

Judge Building, 8 East Broadway, Suite 740
Salt Lake City, UT 84111
Phone: 801-363-0940
Fax: 801-363-1338

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A good divorce attorney will help you navigate the pitfalls of divorce

When a celebrity gets divorced, the amount of money in dispute can be eye-popping. Just look at Paul McCartney’s separation from then-wife Heather Mills. The final settlement ended up with McCartney handing over nearly $50 million. That sum pales compared to Michael Jordan, who paid ex-wife Juanita $168 million when they split in 2007.

Of course, figuring out how to divide enormous amounts of wealth is not a problem for most divorcing couples. Instead, they are usually concerned with asset division, how to allocate debts, and reaching a fair settlement. These and other issues can often be overwhelming to deal with and demonstrate the importance of hiring a qualified divorce attorney.

How are assets divided in a divorce?

Despite what it may feel like, it is uncommon for couples to enter a divorce intending to make life miserable for each other. It is far more common for couples to start the process by trying to find a reasonable agreement, only to have it become tense as they debate about what is fair. Having a representative on each side ensures civility between the two parties and allows each detail of the case to be addressed.

One of the most important issues a divorce attorney and their client face is asset division. There are two important sides to dividing assets. The first is distributing anything of value fairly and evenly. The other is figuring out how to split sentimental items so both people are satisfied. Generally, anything acquired during a marriage, and sometimes before, is considered marital property. Therefore, situations where both parties feel they have a strong claim to certain items can easily become heated and fiercely contested. That is where attorneys step in. They have the knowledge and experience to help parties navigate through these struggles in a sophisticated and efficient manner.

Handling debt in a divorce settlement

Considerable debt is often a key factor leading to divorce. When divorcing parties divide their assets, they must also address all of their debts and other financial obligations. Dividing debt can be tricky. Marital debt can often be equal to or even more than what the assets are worth. Furthermore, both parties want to exit the relationship with as little debt as possible, and usually feel the other should be responsible for a larger share. It is therefore easy to see how people who try to settle a divorce without legal representation can overlook important issues, which can lead to serious problems in the future.

While you may not be dealing with massive sums like McCartney and Jordan, using a qualified and experienced divorce attorney will ensure the best possible settlement and enable you to move forward with confidence.