Divorce can be a complicated and emotional process, especially when it involves the division of marital property. Like many other states, Alabama has specific laws and guidelines governing the division of marital property. A Huntsville contested divorce lawyer will give you a complete guide to what happens to marital property after divorce in Alabama.
What is marital property?
Marital property includes assets and liabilities acquired during the marriage. This includes houses, cars, furniture, bank accounts, and retirement accounts. It is important to distinguish marital property from separate property, including property acquired before marriage or by inheritance or gift.
What Is The Equitable Distribution Principle?
Equitable distribution is based on the concept of fairness rather than strict equality. Unlike community property states, which generally divide marital assets equally, states requiring equitable distribution consider a variety of factors for the fair division of assets. These factors include the length of the marriage, each spouse’s income contributions, and each party’s needs after a divorce.
What Is Considered In The Distribution Of Property?
There are surely some factors based on which courts decide how to distribute the property after divorce. You need to know which factors are considered during the distribution of the property in Alabama. They are:
- The duration of a marriage often affects how property is divided. Long-term marriages may share equally.
- Courts consider the contributions of each spouse to the marriage, including financial support, housework, and child-rearing responsibilities.
- The court may also consider the future financial needs of each spouse, such as earning capacity, health, and age.
- If children are involved, provisions may affect property distribution. The court may award an asset to the guardian to stabilize the children.
- Alabama is a fault-based divorce state, which means that misconduct such as adultery or abuse can affect property division if it affects marital finances.
Separate Property VS Marital Property
You need to understand their roles in property distribution to get your fair share after getting divorced. The difference between separate property and marital property plays an important role in the division of property in divorce proceedings in Alabama. Separate property generally includes premarital property, estates, and personal gifts.
Marital property includes assets and liabilities acquired during the marriage. Although marital property is divided equally, separate property generally remains with the original owner and is not divided in a divorce unless it is mixed or added to a larger marital estate. In an Alabama divorce, it is important to show the separate properties are properly documented to ensure their protection.
Courts in Alabama consider this distinction, among various other factors, to achieve fair and equitable results in property division.
