Huntsville Property Division Lawyer

Alabama attorneys equitably distribute marital assets

Courts divide marital property according to the rule of equitable distribution. This means dividing the assets fairly but not necessarily equally. If the parties agree on the division themselves, no court intervention is required. If a court has to decide, it will take into account multiple relevant factors, such as the source of the property and whether or not misconduct has been committed by one party in the case. If you’re getting divorced in north Alabama, you can rely on the experienced and skilled Huntsville property division lawyers at Amy A. Slayden Family Law P.C. to vigorously seek your rightful share of the marital property.

Marital vs. separate property in Alabama

Only marital property may be divided upon divorce. In Alabama, marital property includes most property the couple acquired during the marriage. Separate property, on the other hand, is what each spouse brought to the marriage and any gifts or inheritances they received individually during the marriage. However, separate property may become marital property when it is commingled, such as by placing it in a joint bank account. It is also possible for separate property to be converted to marital property by means of a deed or gift or by using it for the common benefit of the marriage. 

Equitable distribution vs. community property

In community property states, courts divide the marital property equally. However, Alabama uses the equitable distribution method, which gives courts discretion to divide property and debt in a manner other than equal under certain conditions. 

Factors that influence property division in Alabama

In determining equitable distribution of marital property and debts, Alabama courts consider a number of criteria, including these:

• Duration of and standard of living during the marriage
• Each spouse’s age, health and financial needs
• Sources, types and values of the marital property
• The impact of equitable distribution on any children
• Any marital agreement that may exist
• Any marital fault that has caused a dissipation of assets

Huntsville divorce attorneys Amy A. Slayden and Sarah Ann Meigs will ensure that you obtain your fair share of marital property. 

How certain assets may be divided

The court may treat different type of assets in varying ways. The following are examples:

• Real estate — The court may order the sale of the marital home and division of the proceeds or may allow one spouse to buy out the other and keep the home. Assets may be offset to equalize values when one party desires to keep an asset. 
• Retirement accounts — Each spouse is entitled to share in the growth of the other’s retirement account during marriage. Division of accounts subject to ERISA require special orders, called Qualified Domestic Relations Order to allow for the money to be transferred from one party to the other without incurring taxes and penalties on the transfer. This is an area of the law where mistakes can be incurable. The Huntsville divorce attorneys, Amy A. Slayden and Sarah Ann Meigs have knowledge and experience in preparing these orders for their client. 
• Businesses — Either spouse or both may have ownership of a business. This business interest is a marital asset subject to division. If only one spouse is an owner, the other spouse may still be awarded a monetary amount for the value of the business asset. The valuation of the asset and an understanding of how business valuation works is critical to a fair award to the non-owning spouse. The Huntsville divorce attorneys, Amy A. Slayden and Sarah Ann Meigs have knowledge and experience in representing clients in divorces involving business assets.
• Personal property — The court generally expects the parties to divide their personal property by agreement unless an item is a collector’s item or has value to third parties in the open market place. The court’s focus is that the personal property be divided fairly. 
• Investment accounts — Investment accounts should be carefully reviewed when dividing them as different investments have different tax consequences, and different risk. Huntsville divorce attorneys Amy A. Slayden and Sarah Ann Meigs have knowledge and experience in representing clients in dividing investment accounts. 
• High asset cases — While these types of cases present more challenges in the valuation and division of assets, the Huntsville divorce attorneys at Amy A. Slayden Family Law, P.C. treat all divorces the same- seeking by aggressive representation to obtain the best outcome for our client. 

Marital debts, namely those incurred during the marriage, are treated the same as marital property in equitable distribution.

Avoiding common pitfalls in property division

Your attorney should be knowledgeable about:

• Valuing assets accurately and hiring experts when needed to value assets
• Making sure that there is a full disclosure of assets and debts
• Understanding the tax implications of the division of certain assets
• Being skilled in drafting retirement orders that are approved for dividing a retirement pension or cash contribution 401(k) plan.

Our skill and experience will protect you and prevent you from suffering the consequences of hiring a less experienced attorney.

Contact an accomplished Huntsville property division lawyer to make an appointment

The Huntsville firm of Amy A. Slayden Family Law P.C. assists divorcing parties throughout north Alabama in property division. To schedule a consultation, please call 256-529-4437 or contact us online.