Divorce is not something that people like to consider when going into a marriage. Spending so many years together and then deciding to break apart the pact is one of the hardest things people can go through in their lives. Each divorce can be considered unique as it is a unique couple looking to separate. For this reason, it can be complicated when the question of money is inevitably brought up. Even when considering all the steps to a divorce, people are unaware of some things that will be brought up during the mediation and court appearances. As we stated, divorces are complicated and even the smallest details do not go unaddressed.
If you are thinking about filing for divorce then we highly recommend contacting an experienced divorce attorney like Warren Freeman. Warren is a lifelong Alabama resident and he is dedicated to helping his clients defend their best interests. In this blog post, we will go over a brief overview of how Alabama divides assets during a divorce.
Recent Changes to Alabama Divorce Laws
For a long time, Alabama had certain laws pertaining to Divorce. Specifically, the division of certain assets acquired before a marriage were off-limits to divorcing spouses. For example, before 2018 a judge could only consider assets like retirement accounts to be divisible if the married couple were together for over 10 years. The new law gives leeway to judges to issue directions towards the divisibility of this property. Essentially, retirement accounts are not part of ‘marital property.’
Equitable Distribution under Alabama Law
Alabama law gives judges the power to consider multiple factors during a divorce proceeding. Judges consider the economic standing, medical history, family history, and any special needs in order to establish an equitable distribution of assets amongst both spouses.
Marital Property are assets gained and acquired during the length of the marriage. Assets considered individual are those which were acquired or gifted to each spouse before the marriage. As stated above, retirement accounts are now considered marital property even if the marriage was short-lived. One thing to note: these accounts are usually not penalized as there are pre-established rules within the guidelines of most accounts to prevent a penalization for early withdrawal because of a divorce.
Contact Warren Freeman Today
Working with an experienced attorney is crucial for your divorce proceedings.
Warren Freeman, Attorney at Law, has been representing clients in Alabama for more than 20 years. He has extensive experience handling all family law matters, such as writing wills, managing probate, and handling divorce.
Call our office today on (256) 253-3169 to schedule your free consultation to discuss your estates and wills with Warren Freeman.