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Not only must you divide the “big” things acquired during your marriage (homes, vehicles, bank accounts, collections, businesses, etc.), but you must also split up the more mundane household items. If you and your spouse have been married for many years, splitting up assets and property becomes even more difficult because you have more assets.
Some couples end up using the division of assets and property as a contest to see who “wins,” or who gets more. In fact, in some instances, divorces have dragged on for years simply because neither side was willing to give up assets to the other. While you absolutely need an experienced Alabama division of assets attorney to ensure you are not shortchanged during asset and property division, sometimes it’s better to let the smaller things go and move on with your life.
While the perception exists that men are the ones who come out on the losing end during a divorce, the reality of this tends to be much different. According to an article in the Atlantic, women who worked before, during, or after their marriages see at least a 20 percent decline in income when their marriages end. Men, on the other hand, typically see their incomes rise more than 30 percent post-divorce. Obviously, every divorce is different, but to ensure the most equitable division of assets during an Alabama divorce, speak to a knowledgeable attorney from Hankey Law Firm.
The state of Alabama operates under the law of equitable distribution rather than community property laws. Only a handful of states still have community property laws in place, which require that all marital assets be split exactly down the middle, regardless of any extenuating circumstances. Equitable distribution laws allow for a fair distribution of assets which may or may not result in a 50/50 split. All marital property and debt will be divided in a way that is most equitable to both parties.
If one spouse worked the entire time while the other had a much lower-paying job or was a homemaker, the homemaking contributions will be taken into consideration, however, the higher earner is likely to be awarded a larger share of the assets. This assumes, of course, that there is no prenuptial or post-nuptial agreement in place that dictates how assets will be divided in the event of a divorce. If you and your spouse cannot determine how to split the marital assets, a judge will make those decisions, based on the following:
Separate property is anything owned prior to the marriage, or inheritances either spouse received before or after the marriage. However, if the separate property has been commingled with marital property, it becomes marital property. As an example, if your father left you $50,000 before your marriage, but you add your spouse’s name to the bank account where you keep that money, it becomes marital property, subject to division. If you inherited a home or land, if you add your spouse’s name to the title, it becomes marital property. Even if you keep the home or land legally separate, any increase in value during the marriage or any improvements made with marital funds is subject to division.
The best way to protect your assets in the event of a divorce is to have a solid prenuptial or post-nuptial agreement that clearly spells out what assets are yours alone, therefore, not subject to division. If you want to ensure that inheritances or property you own prior to the marriage remains yours alone, you must take steps to protect those assets. You cannot commingle the assets with marital assets—even though you and your spouse know that $100,000 in your joint bank account was there before the marriage, if both names are on the bank account, the money will be divided.
It’s important to know that deliberately hiding marital assets from your spouse during a divorce can get you in serious trouble—and your Alabama division of assets lawyer will certainly not help you hide assets. Your attorney will, however, have a clear understanding of what you are entitled to when the marital assets are being split. It is imperative that you have a strong attorney who will safeguard your rights and your future during an asset split, ensuring you receive what you are entitled to.
Choosing Hankey Law Firm and attorney Shelbie Hankey as your Alabama division of assets lawyer is an extremely important step to take once you’ve decided to divorce. Few people going through a divorce are familiar with the legal process and understand what they are legally entitled to receive during the division of assets. At Hankey Law Firm, we can help you make sense of your circumstances, taking away much of the worry and uncertainty you are feeling. Your case will be prepared in a comprehensive manner by professionals who never overlook deadlines or fail to communicate with clients.
Helping North Alabama families navigate the emotional and legal burdens of family law disputes.