Most Alabama residents have likely heard at least one newlywed person claim that his or her property is now the spouse's property as well. While this idea may seem pleasant in theory, some individuals may feel less inclined to share property if they end up facing family law issues. Property division is one area of divorce that can often cause people grief.
Though parties may throw out the notion of "what's yours is mine and mine is yours" when the relationship comes to an end, actually dividing property may not be a simple task. Divorcing individuals may want to understand what may be considered marital property as those assets will end up being divided as fairly as possible. Most assets acquired after marriage are typically considered marital property as well as separate assets that have been commingled with shared funds.
Because it may be difficult to discern the difference between marital, separate and commingled property, parties may feel particularly concerned about what they could lose in the divorce. For instance, it may surprise some people to know that retirement accounts are often divided between the divorcing spouses. Such unexpected outcomes could cause quite a blow to an individual's financial situation.
It is not unusual for most parties to become attached to certain items. As a result, they may find themselves wanting to fight for what they hold dear. Because having the right information when it comes to property division could help Alabama residents make the best decisions for themselves, concerned individuals may wish to speak with experienced family law attorneys in order to gain reliable insight.
Source: wlns.com, "My Legal | Property Division when Divorced", Greg Kohler, May 9, 2017