You’re getting a divorce. The future you had envisioned for yourself will look different than you had anticipated. That is why so many people ask about what happens to their property (and how it gets divided) during a divorce. Feeling a significant amount of anxiety or tension about this is understandable. You may have most of your money invested in your home. Most likely, you have an emotional attachment to it, especially if you have raised your children there.
Regardless of what you and your spouse may want to do with your home, you need to understand the laws controlling division of property in a divorce. Remember, the more knowledge and information you have about what to expect, the more you are empowered to make the right decisions moving forward.
Separate Property & Marital Property
You will distinguish what is part of your marital estate and what qualifies as separate property. Though there are exceptions (which we will go over), you can generally assume that if something was purchased during the life of the marriage, then it is marital property. What happens if one spouse—who was anticipating the divorce—bought something and intentionally titled it in their own name? Despite the title, it will likely still belong to both spouses.
Now, for the exceptions. Gifts and inheritance will likely be viewed as separate property. If your spouse received a sizable inheritance—even if it happened when you were married—it may not be considered as marital property, depending on how it was used. Inherited and gifted assets are something your attorney will need to discuss with you.
Other Considerations
Factors like gifts and inheritance that are received during the marriage can significantly impact what the judge may do when dividing your assets. One of the reasons for this is that Alabama is not a community property state. Unlike some states, there is no presumption that all the assets acquired during a marriage are shared or community property. The judge is responsible for dividing things fairly.
Although it could equate to an even 50/50 split, it doesn’t have to. Fair does not mean equal. When people have separate property, it could impact the judge’s decision on how your property gets divided.
Empowered Family Law, PC
Forming the proper legal strategy to address your concerns and knowing when to call financial experts can make a massive difference in the money and property you receive. Your attorney can also be a valuable resource when it comes to negotiating. When you and your spouse can come to agreeable terms, you eliminate the need to let the court decide for you. Contact the trusted legal advisors at Empowered Family Law to schedule your consultation.
Empowered Family Law, PC
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