Divorce ranks high on the list of difficult life events. Families are torn apart and are forced to build new futures for themselves. But out of the turmoil, life can begin anew. Parties can grow and thrive once again without the toxic environment of a bad marriage.
We understand the difficulties that you are facing in your divorce. Our family law attorneys have helped many people like you through the myths and realities of divorce. These include the following:
We should have a child, then we will not get divorced.
No one should ever have a child to save a marriage. The last thing a faltering marriage needs is the added stress of a child.
I have children and should stay married for their sake instead of getting divorced.
Constant arguing and bickering is bad for children and they may be far better off after divorce. A stable and loving environment without all the drama and hatred that can arise in a loveless marriage is better for children.
I will never find anyone again.
The fact is that most people do find someone else after a divorce.
I will lose my property if I divorce.
Your separate property remains yours after a divorce.
If we had not lived together prior to our marriage, we would not be getting a divorce.
Current thinking is that cohabitation before marrying does not lead to divorce in most cases.
Enhanced Earning Capacity: Reap the Rewards of Your Spouse’s Education
Your commitment to your marriage included your investment in your family’s financial future. In order to increase the financial success of your family unit, you may have sacrificed your own education or career advancement. You now have the right to receive a return on your investment when your partnership dissolves in divorce. The anticipated enhanced earning capacity of your spouse is considered marital property — meaning you own an interest. Yet, unlike dividing money and tangible personal property, you cannot physically divide a college degree, a specialized skill or a professional license. For this reason, the valuation process involves calculations based on a series of complex factors.
Why enhanced earning capacity is considered marital property
Your earning capacity may have been diminished because you forwent educational or career advancement opportunities to support your spouse. In addition, your absence from the job force to raise children can drastically affect your ability to earn the income you would otherwise have been capable of making. Even if you developed a successful career, the decision to promote your spouse’s advancement — through relocation or unbalanced division of childrearing duties, for example — likely hindered your ability to reach your full earning potential.
Calculating the value of a degree, professional license or career advancement
Enhanced earning capacity encompasses a variety of factors that increase potential income — including a college degree, advanced degrees, specialized training, professional license, job promotions and actions that contribute to career advancement. To accurately calculate how much your spouse’s enhanced earning capacity is worth, consider:
- Type and level of degrees your spouse earned
- Professional licenses your spouse holds
- Specialized training your spouse received
- Statistical income made in the particular field
- Income disparity based on gender in a given profession
- Effect of geographic location on incomes
- Risks to job security
- Your spouse’s work life expectancy
- Your income earning capacity
Free Consultation with Divorce Lawyer in Utah
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506