Division of Assets Lawyer in Mobile, AL

When you and your spouse decide to divorce, you have a number of hard decisions to make. One of the most time-consuming parts of many divorce cases is the division of assets. The team at Coumanis & York has experience in all types of divorce cases, from those where the spouses were able to agree on most topics to those where every single issue had to be negotiated for months.

Whether you’re flexible with your marital assets or you know exactly what you want and know that there is no room for compromise, we’re here to support you and advocate for you during this challenging time. Call the Mobile office of Coumanis & York at 251-336-3491.

Property That May Be Divided in a Divorce

Those who are new to the divorce process tend to think of vehicles, homes, and bank accounts when they think about what they need to divide in a divorce. However, the list is much longer than that. Anything you have accumulated during your marriage is subject to division, including:

• Retirement accounts
• Stocks and bonds, including stock options
• Business assets, including family-owned businesses
• Pets (yes, in Alabama pets are still considered property)
• Inventions or other types of intellectual property
• Insurance policies
• Rental properties
• Pensions
• Antiques and jewelry
• Savings accounts created for children’s college expenses
• Artwork
• Sentimental family heirlooms

Is It Marital or Separate?

Whether or not something is subject to division largely comes down to whether it is considered marital or separate property. If it is considered separate property, it will remain with the person who owned it prior to the marriage.

If it is determined to be marital property, it will be divided in a way that is considered fair and equitable. Items commonly considered separate property include inheritances, gifts, and family business shares originating on one side of the family. Property acquired during a marriage is almost always considered marital property.

Let’s throw in another complicating factor: separate property can become marital property. Let’s say that you come into the marriage with a rental property that you owned prior to the relationship. However, you pay the bills for that property out of your communal marital account. Income from the property is used to pay marital bills and is deposited into your marital account. At this point, the property has been commingled with marital assets and may very well be considered a marital asset.

How We Can Help

This is obviously an incredibly important part of your divorce settlement. Not only does it determine how much of your hard-earned assets you get to keep after a painful divorce, but it also lays the groundwork for your financial well-being after a split. The period immediately following a divorce is often the most financially challenging for individuals, and you want to make sure you have everything you need for a smooth transition.

Our team is skilled at navigating even the most complex division of assets and debts. We want to start by learning what matters most to you in this process. What assets must you walk away with, where are you willing to negotiate, and what don’t you care about keeping? This gives us some wiggle room as we begin negotiating with your ex-partner’s legal team.

If you have been married a long time or you have accumulated a substantial amount of assets, you may feel overwhelmed with everything that needs to be divided. It may even seem impossible. Our years of experience in this family law give us the skills needed to fairly divide even the most complex marital estates, giving you the fresh start you need as you walk away from your marriage.

It’s possible that your ex-partner will intentionally make this more difficult for you, simply because they can. They may feel resentful if you decided to end the marriage, or they may just want to leave you with as little as possible. There are many ways to navigate around this type of behavior, and we’re here to take on the heavy lifting instead of forcing you to come face-to-face with your ex over and over.

What to Do If You Think Your Spouse is Hiding Assets

One topic that comes up from time to time in this area is hidden assets. If your ex really wants to walk away with the lion’s share of the assets, they may attempt to hide them. This is more common than you may think, especially if one partner has taken care of the finances throughout the entire marriage. They often assume that the other spouse isn’t savvy enough to recognize the wool being pulled over their eyes.

If you believe your spouse is hiding assets, bring it to our attention immediately. Your spouse isn’t the first to try this, and they won’t be the last. Everything leaves a paper trail, and we’re here to uncover whatever they may be hiding. In some situations, a forensic accountant may be necessary to uncover fully what your spouse has squirreled away.

What If You Can’t Come to an Agreement?

If you and your ex-partner cannot come to an agreement during the division of assets, the matter will be left up to the judge. This is obviously not the preferred outcome, as it takes all decision-making authority out of your hands and forces both parties to accept the judge’s ruling.

We will do everything in our power to avoid this outcome and put your ex in a position where they must negotiate fairly. Most individuals, even if they talk a big game about never negotiating, do not want the extra time, money, and work that comes with allowing a court to decide important divorce matters.

Reach Out to Coumanis & York Now

At Coumanis & York, we are committed to helping people like you fight for a fair outcome in their divorce. We know that you want this over with, but it’s crucial to fight for the assets you need for a fresh start. Set up a consultation with our team now by contacting us online or calling us at 251-336-3491.