Laws on asset division vary by state. But, in general, any property or annuity acquired by the spouse before the marriage belongs to them. These are what’s known as “separate property.” The opposite is “marital property.” This involves any acquisition made that has both spouses’ names on it. One caveat of separate property is that if you added a spouse as a co-owner, its value drops. Also, any monetary value from retirement benefits or inheritance is shared with the spouse as well.
Make a List
If your separation is amicable, the proceedings can go by a lot faster. One way to do this is by listing all your assets beforehand. This also includes valuables accrued over time that the spouse chooses to keep for themselves. Although it’s an emotional time, it’ll be better for the both of you if you take the time to lay out your assets and plan accordingly.
Always remember to consult a family divorce lawyer in Fairhope, AL, before moving forward. Many people don’t understand marital law and can end up getting less than what they could have. Make sure you’re seeking the right help for your case, so you can exercise your rights in a divorce proceeding.