Financial matters are some of the most complicated aspects of a divorce and the cause of many divorce-related disputes. If you have concerns about protecting property, retaining valuable assets or potential hidden assets, you need the help of an experienced attorney in order to navigate these matters effectively.
Divorce always involves money, and this may be the primary issue between two spouses who individually or jointly possess valuable assets or significant wealth. Dividing marital assets appropriately is one of the most significant steps toward a strong post-divorce future. Even if you and your spouse agree on property division, knowledgeable guidance is crucial.
Dividing marital property and laying the foundation for the future
When two spouses agree on how to divide their property, they can avoid stress and complicated legal battles. However, if an agreement is impossible or you simply wish to protect your rights and interests in a settlement proposal, your lawyer can walk you through the following steps:
- Evaluate all property to determine if it is marital or separate: In Alabama, all debts and liabilities are subject to equitable distribution, as well as marital property.
- Determine the value of the property: Emphasis is not on the number of assets that each spouse receives, but on the value of those assets. It is critical that the valuation of real estate and other property is correct in order to ensure appropriate distribution.
- Identify which spouse will retain ownership: Whether it is in negotiations or in the courtroom, your lawyer will advocate for your best interests, seeking a property division settlement that provides you with a strong financial future.
There are a myriad of factors that influence a property division settlement. To address specific concerns, such as the suspicion that your spouse is hiding certain assets, you would be wise to work with an attorney from the very beginning of the divorce process.
Guidance for complex property division concerns
Your post-divorce lifestyle and financial abilities depend on the property division settlement you receive during divorce. You must proceed thoughtfully with an eye on the future and not dwell on temporary emotions that can change over time. A positive outcome takes careful effort and reasonable expectations.
Find out how you can protect certain property, retain ownership of valuable assets and pursue a strong future during divorce. It is a complicated process, but you do not have to face it alone.