Division of Assets Lawyer in Foley, Alabama

As part of your divorce in Alabama, you will need to go through the grueling process of dividing your assets and debts. This process varies quite a bit in length, complexity, and difficulty. A couple that has been married for a short period of time and has accumulated minimal assets may not have much work to do in this area, while a couple that has built a large catalog of assets over multiple decades together may be in for a much longer process. Wherever you fall on this scale, it’s important to understand your rights, how your decisions may affect your post-divorce life, and what options you have when issues arise.

We’re here to help. At Coumanis & York, we support people in Daphne, Foley, and other nearby communities as they navigate divorce and other family law issues. Call us at 251-336-3121 to set up a consultation with our team at your earliest convenience.

Alabama’s Laws Affecting the Division of Assets

Each state has its own laws and guidelines covering the division of assets, although many states have laws similar to Alabama’s. Perhaps the most important thing to know is that Alabama is an equitable distribution state. Marital property is not divided cleanly in half as it is in a handful of states—rather, it is split up in a way deemed to be fair once a variety of factors have been accounted for.

Under Alabama law, marital assets are usually anything that was purchased or acquired during the marriage. Real estate, income, savings, retirement funds, cars, and other property are all subject to division during a split. Separate assets are those that were acquired prior to the marriage and kept separate throughout the marriage.

Even if assets start out as separate, they may eventually be considered marital property if they are commingled with marital assets. It’s also important to note that inheritances, regardless of when they are received, are generally considered separate assets in Alabama.

A wide range of factors are utilized in the equitable distribution of assets in Alabama. These factors include:

• Each party’s income and ability to support themselves

• Contributions (both financial and non-financial) made for the benefit of the marriage

• Each party’s health and age

• The length of the marriage

• The role of fault if one party pursues a fault-based divorce

Identifying and Valuating Assets

Before you can move forward with the division of your assets and debts, you must first identify and account for all assets. When it comes to bank accounts, real estate, and other large tangible assets, this step is fairly easy. But digital assets, assets with fluctuating value, businesses, or those assets that one party considers to be separate property can pose a bit more of a challenge.

As early as you can in the divorce process, get copies of all the documentation you have for your shared assets. This should include account numbers for all marital accounts, as well as current balances at the time of separation. You should also get proof of real estate purchases, deeds, and any property transfers that may be relevant. This is particularly important if you worry about your spouse trying to hide assets, as they may begin moving or transferring assets as soon as you announce your intent to file for divorce.

If you have assets that don’t have a clear and obvious set value, you may need to connect with experts to get them valuated and assessed. For example, you may need a real estate expert to estimate the market value for your real estate purchases or an antique expert to weigh in on your shared collections. If you have a business, a proper valuation is crucial for a fair distribution of assets.

Navigating Conflicts

Conflicts are to be expected during this process. Not only are you grappling with the emotional fallout of a divorce, but you’re put in the position of making tough financial decisions that affect your future. Some of the most common sources of conflict include:

• The family home: If both parties want to sell or both parties agree on who will keep the home, you have the best possible outcome. But if one party wants to sell and the other refuses, or both parties want to take sole ownership, you’re in for an uphill battle. Discuss factors like custody arrangements, each person’s ability to pay for the home, and each person’s ability to refinance in solely their name.

• Retirement accounts: Retirement accounts can be a touchy subject, especially if only one party has sizable accounts to their name. While the working partner may feel that they deserve the entirety of their accounts because they contributed to them, the lower-earning or non-earning partner also needs to plan for their retirement. In these situations, you’ll need to look at both the financial and non-financial contributions made to the marriage.

• Disputed assets: If there are assets that the spouses cannot agree are marital or separate, these issues must be hammered out before you can move on with the distribution of the assets.

• Debts: This step isn’t just about dividing up your assets. If you have accumulated any marital debt, that must also be split up in a fair way.

How We Can Help

At Coumanis & York, we understand how important it is to get this step right. The assets you have when you leave your marriage determine your financial stability and your ability to provide for yourself and your children after divorce. Our extensive understanding of Alabama law and effective negotiation techniques give us everything we need to advocate for you as you fight for what’s fair.

As we catalog your assets and learn about your post-divorce plans, we’ll explain to you different options for this step of your divorce. When conflicts arise, we will explore various solutions and help you understand possible compromises that meet your needs. Our goal is to work through your divorce in a swift and efficient manner without giving up anything that matters to you.

Explore Your Legal Options with Coumanis & York

Are you ready to get started with your divorce in Foley, AL? Let’s talk about your next steps. Set up a free consultation with Coumanis & York right away by connecting with our team online or calling us at 251-336-3121.