The division of property or assets is one of the most highly contested issues in a divorce. Each spouse should be aware of how Alabama laws view property in a divorce situation. An experienced Huntsville family attorney can ensure you get what is rightfully yours.
Property division laws in a divorce are all enacted at the state level. As such, laws about property division when a couple divorces vary from one state to the next. Suppose your marriage is coming to an end, or you want to explore your options for ending your marriage. In that case, it’s best to meet with a knowledgeable Huntsville divorce lawyer. An attorney can help you understand more about Alabama’s property or asset division laws.
Approximately half of all states in the U.S are equitable distribution states when it comes to divorce. Alabama is one of them. All assets and debts shared by the married couple are divided using the concept of equity or fairness. It’s crucial to note that equitable doesn’t necessarily mean equal. Many states use a 50/50 split framework for dividing property amongst divorcing spouses, but Alabama doesn’t. This state is less clear and requires consideration of many factors.
Factors that can impact marriage dissolution property division in Alabama may include:
For example, if one spouse went to medical school during the marriage while the other worked and took care of the children, the one who didn’t go to school might be entitled to more assets. If one spouse will be taking on the majority of childcare after the divorce while the other spouse works, they might deserve more of the assets. You can enlist the help of a skilled Huntsville divorce attorney to identify what assets you might be entitled to under equitable distribution in your divorce.
The assets of a married couple can be divided into two categories; separate and marital. Generally, separate property is property that one spouse had before the marriage. It can also be an inheritance or gift explicitly given to one spouse.
Marital property is property acquired during the course of the marriage. It includes any property that either spouse:
Marital property can include cash, investments, retirement accounts, business assets, real estate, and other valuables that the spouses obtained while married. Marital assets are subject to division in divorce proceedings.
Alabama law usually dictates that each spouse keeps their own separate property in a divorce and that their marital property should be equitably divided. Even still, it’s essential to have someone looking out for your best interests. An experienced Huntsville divorce attorney can be your ally. Call Cloud, Ryan & Rouse at 256-801-1000 or use our convenient online contact form to schedule your consultation with one today.
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