Assigning joint debts and dividing joint property are only two challenges a couple going through a divorce may encounter. Some divorcing couples can settle their differences amicably without the use of lawyers or mediators, but some may need these professionals to help them. A court or arbitrator will be sought out to render a decision if a resolution cannot be found. If you need help with your divorce proceedings, get the help of the Harris Firm, LLC.
Division of marital assets:
Several states in the U.S. use one of two basic procedures to handle the division of marital assets or the assignment of marital debts: community property. In Alabama, joint assets and/or debts of a married couple must be distributed fairly, or equitably. This state is known as an “equitable distribution” state. Property divisions do not have to be equal; they only need to be fair. A case-by-case determination of what is fair must be made by the court.
During the crucial discovery phase of a divorce, each party must disclose all of their assets, debts, and other crucial details. As the court cannot assign a debt or divide an asset unless the parties are aware of it, discovery is essential for inequitable distribution disputes.
What is marital property?
Property obtained during a marriage is normally regarded as marital property in Alabama. If a spouse receives it as a gift or inherits it and keeps it fully separate from the other spouse, it can, nonetheless, become distinct property. Separate property is that which is gained before marriage, via gift, or by inheritance.
Property must be solely under the control of the party claiming it to be considered separate. If the asset or its income is frequently used for the advantage of the marriage as a whole, it is deemed to be marital property.
Both sides, the plaintiff and the defendant, will submit their cases at trial along with the appropriate evidence and testimony to back up their claims. The judge will next render a decision on all issues in dispute between the parties. Alabama’s property distribution regulations may seem simple on paper, but they can be tricky to put into practice. Different outcomes result from judges’ individual decisions to handle property partition in each case throughout the state. Hence, to navigate this difficult and controversial process and protect your interests, it is essential to seek the advice of a knowledgeable divorce attorney.