Understanding Marital Property Division in Alabama
When you get divorced in Alabama, all of your marital property from real estate to retirement accounts must be divided equitably with your spouse. It is a time when a lawyer's advice is crucial to ensure that you keep all of the property you are entitled to keep and that you obtain a fair distribution of assets that must be divided.
If you are facing divorce in the Birmingham area, I offer a free initial consultation to discuss marital property division and review your situation.
What Is Marital Property?
In Alabama, marital property includes all of the assets (as well as debts) that you acquired during your marriage, regardless of whose name is on the asset. There are certain assets that are not considered marital such as a business you owned prior to your marriage, or a gift or inheritance you received during your marriage (as long as you kept this property separate from marital property). Retirement benefits such as 401(k) accounts and pension plans may or may not be subject to division as marital property, depending on several factors. If you have been married for less than 10 years, Alabama law does not provide for the division of retirement accounts. However, if you have been married for longer than 10 years, your spouse may be awarded up to half of the retirement benefits accumulated during the marriage.
What Is Equitable Distribution?
Equitable means fair. Many factors may be considered in what is equitable. In Alabama, a domestic relations judge may consider the misconduct of either spouse in determining the percentage of marital property to award as well as the amount of alimony. The judge has wide discretion in what is awarded to either spouse, but generally tries to be fair.
Prenups and Marital Property Division
A prenuptial agreement, if it was drafted and executed properly, will control how marital property is divided. I often draft prenuptial agreements for clients who are getting married for the second time or who have significant assets they want to protect.
Free attorney consultation: To schedule an appointment at my Birmingham office, call 205-822-9334 or fill out the contact form on this Web site. Your initial consultation is always free.
