Asset Division Attorney Serving Dothan, Alabama

The division of assets during a divorce can lead to considerable tension and confusion. In Alabama, the laws surrounding this issue aim for equitable distribution—a principle that seeks fairness but can be subjective.  

At our law firm, we understand that the division of assets is one of the most contentious aspects of a divorce. That's why we're dedicated to providing our clients with comprehensive legal support, ensuring a fair and equitable division of all marital assets. Our experienced attorney understands Alabama's asset division laws and will work tirelessly on your behalf. 

If you are filing for divorce in Dothan, Alabama, or the surrounding areas—including Ozark, Enterprise, Daleville, and Fort Rucker—don’t go through it alone. Whether grappling with questions like, “Who gets what in a divorce?” or needing to understand the rules of equitable distribution, Reese & Reese Attorneys, P.C. is prepared to stand by your side. 

Understanding Asset Division in Alabama

Alabama’s approach to asset division in divorce involves equitable distribution, a principle that aims to divide marital property fairly, though not always equally, between spouses.  

But what does that mean for you? Several factors come into play, from the length of your marriage to each spouse's financial circumstances, contributions to the marriage, and even future needs. Deciphering these factors and how they apply to your situation can be overwhelming, which is why you need the help of a seasoned attorney who understands equitable distribution laws.

Tips for Divorcing Spouses

Separating assets isn’t straightforward, but you can take steps now to prepare for the process. Here are a few steps to consider: 

• Gather financial documentation. Collect all relevant financial documents, including bank statements, retirement accounts, property deeds, and business valuations. This will provide a clear picture of your financial situation. 

• Understand your assets. Knowing which assets are considered marital and which are separate is crucial. Any inheritances, gifts, or assets owned pre-marriage typically fall outside the marital estate. 

• Consider the future. Look beyond the immediate situation and consider the long-term implications of any proposed asset division. 

• Stay open to negotiation. While some assets might have sentimental value, it’s important to prioritize your financial well-being and remain flexible during negotiations. 

The knowledgeable attorney at Reese & Reese Attorneys, P.C. brings a wealth of experience in handling cases involving large marital estates, business interests, retirement accounts, and other significant assets. Through meticulous analysis and strategic negotiation, he works tirelessly to safeguard your interests.  

Whether it's distinguishing between marital and separate property or valuing a family-owned enterprise, our attorney tailors his approach to meet the unique needs of your case. 

Asset Division FAQs in Alabama

What is considered marital property in Alabama?  

In Alabama, marital property refers to any assets or debts acquired by the couple during the marriage. This can include (but is not limited to) real estate, vehicles, savings accounts, and debts. Items such as gifts, inheritances received by one spouse, and assets owned before the marriage are typically considered separate property, not subject to division. 

How does the court decide who gets what in the division of assets?  

The court considers various factors to ensure an equitable distribution, such as the length of the marriage, the contribution of each spouse to the marital property (including the contribution of a spouse as a homemaker), the economic circumstances of each spouse, any prenuptial agreements, and the future needs of each spouse. The decision is based on fairness rather than a strict 50/50 split. 

Can I keep my inheritance that I received during the marriage?  

Generally, inheritances received by one spouse are considered separate property and not subject to division during a divorce. However, if the inheritance has been comingled with marital assets (for example, by depositing it into a joint bank account), it may be treated as a marital asset. It’s crucial to maintain clear records to protect such assets. 

Is it possible to reach an agreement on asset division without going to court? 

Yes, spouses are encouraged to reach an agreement on the division of their assets through negotiation or mediation. If both parties can agree on how to divide their property amicably, they can submit their agreement to the court, which, if found to be fair and equitable, is likely to be approved. This can save time and money while reducing conflict in what is often a stressful process.