Splits And Shares: The Division Of Assets And Debts

Dividing Property And Debt

The division of assets in an Alabama divorce employs the principles of equitable distribution. This means that the court strives to divide all marital property and debts fairly, but not necessarily equally. Marital property includes assets acquired during the marriage, while separate property remains the exclusive property of the spouse who either owned it prior to the marriage or acquired it as a gift or inheritance during the marriage.

The court considers various factors when determining the division of property, including the length of the marriage, each spouse’s contributions, their financial and non-financial contributions, and their respective needs. While Alabama law encourages a fair and equitable distribution, this specific outcome can vary widely based on the individual circumstances of each case. Spouses should strive to work together through negotiation or mediation to reach a mutually agreeable property division arrangement if at all possible. Doing so often results in a more ideal outcome than leaving the decision solely to the court.

Distinguishing Between Marital And Non-Marital Property

Distinguishing between marital and non-marital property is a crucial aspect of property division and divorce. Marital property typically includes assets and debts acquired during the marriage regardless of whose name is on the title or account. This includes income earned, real estate purchased, and debt incurred during the marriage.

As mentioned previously, non-marital property, on the other hand, includes assets owned by one spouse before the marriage, as well as property acquired through gift or inheritance during the marriage. This property is considered separate and not subject to division. Yet, these distinctions can become complex or muddled, especially if separate property has been commingled with marital assets or if there are disputes about the classification of certain assets.

Living In The Family Home

The question of who gets to live in the family home during divorce often depends on the specific circumstances of the case and any agreements or court orders that are in place. In many instances, both spouses may continue to reside in the family home during the divorce process to maintain stability, particularly if there are children involved.

However, in cases of conflict or when it’s impractical, one party may voluntarily move out. Sometimes, they may even be required to do so by court order. Ultimately, decisions about who occupies the family home can be negotiated between the spouses or determined by the court based on factors like child custody, financial resources, and the best interests of the parties involved.

For more information on Division Of Assets In An Alabama Divorce, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (256) 321-5176 today.