Property Division Lawyer
Since Alabama is an “Equitable Distribution” state, all marital property will be divided in an equitable fashion according to the court unless agreed to otherwise by the divorcing spouses. What does “equitable” mean? Equitable can be defined as “what is fair, not necessarily equal.” Courts in Alabama treat most property a couple acquires during marriage as marital property. The law allows a judge to divide such property in any manner that the judge deems fair, regardless of which spouse actually owns the property. If a spouse owns property before marriage, or acquires it by gift or inheritance, a court will usually consider this to be the spouse’s separate property and will not divide it at divorce.
During the divorce, if a couple wishes to sell their property using Reali or any other real estate agents, they must agree together on how to proceed. If one party wants to sell and the other does not, it’s often left up to the judge to decide what happens to that property. Some divorces are amicable, and the property can be sold with ease. The money made from the sale will be split between parties, allowing both parties to go their separate ways.
In Alabama, most property acquired after the marriage and before separation is considered marital property. All marital property is divided equally during divorce. Assets acquired prior to marriage or after separation are separate property. However, at times, some assets prove to be more complicated in determining whether they are community or separate property, including assets requiring the tracing of funds used to acquire the asset, business interests, professional practices, intellectual property, retirement plan benefits, personal investments.
Decatur and Huntsville Property Division Attorneys
If you have questions regarding your marital property, call us now. To learn more about our attorneys ability to protect your assets as your divorce proceeds, contact 256-534-3435 or 256-350-7200.