Common Questions In Property Division In A Divorce
Each state has its own set of laws governing property division in the event of a divorce. In Alabama, assets and property accumulated during the marriage have the designation of marital property, even if it is property that is otherwise not marital, such as inherited gifts or property owned prior to the marriage. This is because if it was used for the common benefit of the marriage, it may lose its separate property distinction. It is vital to secure aggressive representation to protect your property.
Call Jones, Hawkins, & Associates to discuss your divorce and property division case at 334-625-1754.
Property Division FAQ
Here are some common questions about property division and their answers.
Does a judge always decide on the division of property?
In the absence of an agreement between the divorcing couple, a judge will decide on how marital property gets divided. At Jones, Hawkins, & Associates, in Montgomery, we can guide you through the agreement process or litigate in court for your best interests.
Are there any assets and property that remain apart from the division process?
Assets that were bought, gifted or inherited before the marriage stay with the person who acquired it. An exception to this rule could be any property that was used by both spouses for their common benefit while married.
Are property and assets acquired during the marriage always split evenly?
The concern of the court is a fair, or “equitable,” property split. Property and assets usually get split as evenly as possible, unless the court decides that an unequal division is appropriate. Dividing property equitably does not necessarily mean equal. That is why it is essential to have a skilled lawyer representing your interests in a divorce settlement process.
What happens to retirement accounts in a divorce?
The treatment of retirement accounts such as IRAs or 401(k)s depends on a multitude of factors:
- The amount of retirement and interest earned before the marriage must not be divided.
- Payment of retirement assets to a spouse can be accomplished in a lump sum or incrementally when the spouse qualifies for withdrawals.
- There must be proof of the present value and whether or not the retirement is vested.
Proving present value and whether the retirement is vested are highly complicated. That complexity, as well as that of splitting retirement accounts necessitates retaining a lawyer who is savvy to financial details as they apply to family law.
Aggressively Litigating In Central Alabama
At Jones, Hawkins, & Associates, we are driven to provide you with legal services that aim to give you the best results possible for your situation. Give us a call at 334-625-1754 or use our email form to schedule an attorney consultation.