When getting a divorce, spouses may have a hard time agreeing on how to divide their marital property. In Alabama, if a couple is unable to come to a decision on how to split their assets, a judge will decide how to split them in an equitable manner; this does not always mean that everything will be shared 50-50. In New York, which is also an equitable distribution state, one wealthy couple has been battling over a large artwork collection since 2018, as well as expensive real estate in the Hamptons and Manhattan. The divorce is so contentious that the husband has refused to discuss child custody, saying there needs to be a decision on the finances first.
Alabama residents may be interested in assuming the loan on the mortgage they share with their spouse after the divorce process. This means that one of the borrowers is removed from the loan. The one who assumes the loan will not need to refinance. Before a person decides to do this, it is good to know all of the facts.
Alabama couples who are going through a divorce should be mindful of potential mistakes that can cause real problems when they divide their 401(k) assets. One of the greatest sources of conflict in a divorce is the division of 401(k) assets as retirement funds are often a divorcing couple's greatest source of income. When a 401(k) is improperly divided, there may be steep tax penalties. In some cases, improper 401(k) division can even mean one spouse receiving far more to which he or she is entitled.
The millennial generation is turning traditional marriage conventions on their head. Where previous generations married in their early twenties, millennials often wait until well into their thirties to tie the knot. Where previous generations met their spouses at work or through friends, millennials often find their soulmates online or through an app.