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Alabama Divorce Property Settlement – The simple, straightforward solution for Property Settlement

Property Division in Alabama Divorce.

One of the hardest parts spouses deal with during a divorce in alabama is the distribution of property. The good thing about divorce property settlement in an alabama uncontested divorce is that both parties hold a mutual agreement to have an open communication and compromise regarding what property goes to whom. To ensure that your divorce property division in alabama runs as smooth as possible, you should stick with a system that will equally divide marital properties.

A alabama divorce property settlement usually requires a certain amount of flexibility and compromise from both parties. Courts divide property under one of two schemes: equitable distribution or community property. Equitable distribution of the divorce property means that assets and earnings accumulated during marriage are divided fairly, or “equitably.” This often means that two-thirds of the assets go to the higher wage earner and one-third to the other spouse in Alabama. Equitable distribution principles are followed everywhere except the community property states, which we will discuss next.

Some forms of divorce property are easy to divide but others are more complicated. You’ll also want to determine the fair value of your property in alabama. Regarding real estate, have your house appraised. In the case of stocks, bonds and other negotiable securities, you may want to consult a financial advisor in alabama to determine the fair value and the tax consequences incurred when the securities are sold. Check with Kelley Blue Book for the value of a car or truck. Generally, most property accumulated during the marriage is considered marital property but there are some exceptions. For example, gifts or inheritances are an exception. They usually are considered separate property, although each state's laws vary slightly. If you live in a community property state, marital property is divided 50/50 unless there is an extraordinary circumstance why it should not be. Keep in mind too that the division of divorce property in alabama does not necessarily mean a physical division. The key may be a percentage of the total value of the property so that each spouse gets personal property, and assets whose worth adds up to his or her percentage.

At the end of the day “winning” in alabama court may not be worth as much as preserving dignity and goodwill through a simple uncontested divorce. It is best for everyone involved if both spouses can agree on a divorce property settlement in alabama without dragging the whole proceeding through months of court hearings. This wastes valuable time, expends immense amounts of emotional energy and requires hiring expensive lawyers in alabama.

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