The financial ties that bound a couple together must be severed when a couple files for a divorce. When it comes to money and divorce, every state has its own set of rules. Equitable distribution guidelines are used to split assets in Alabama.
Legal representation, mediation, or the civil court system may not be necessary when couples agree on the division of assets. On the other hand, high-asset divorces and different types of complicated divorces can be financially taxing. In crucial areas like asset division, a Montgomery divorce attorney can help you navigate the process and safeguard your rights.
Divorce Process Steps for Dividing Assets
There are specific steps to take when dividing up property.
To help you through the process, a divorce attorney can explain:
- Sorting out individual assets from marital assets
- Finding out how much the property is worth
- Deciding how to divide marital assets
Regarding these issues, some couples are more likely to agree than others. Learn more about the Alabama property division laws and how to safeguard valuable goods and other assets to increase your chances of a fair financial settlement.
Distinct Asset Categories: Individual and Marital
In a marriage, the couple’s assets are considered to be jointly owned by the spouses in Alabama. Marital property does not, however, encompass all of a person’s assets. Consequently, the couple and their legal counsel are responsible for ascertaining whether assets are marital or individual property.
Each couple’s cars and assets in real estate before the marriage are considered personal property. Also included could be any private possessions one partner had before the wedding, such as artwork, family heirlooms, or other valuables.
Before being married, some couples can agree on who owns what. There will probably be less friction when dividing up personal belongings for couples planning a prenuptial agreement. When it comes time to divide up marital and individual assets, many couples find mediation or the court’s intervention necessary.
Valuation of Marital Assets
Two primary approaches exist for determining the value of a couple’s assets: mutual agreement or professional evaluation. Assets can be valued using other industry-specific methodologies.
Property Division in an Alabama Divorce: How to Make It Fair
The next step is for the couple to divide their marital assets once they have agreed. Splitting up may be easy for the couple if they agree. However, the court can use equitable distribution rules to split marital assets if they require assistance.
Equal distribution in Alabama helps make sure that both partners are treated fairly. This does not imply that the property will be divided evenly, though. The definition of fair distribution in a divorce depends on several things.
