Whether you stay in a lavish apartment and own a garage or live in a minimal apartment, and you own some debt, if you are going through a divorce, spouses need to decide how to divide the debts and assets. To get a comprehensive evaluation of your case, contact the Huntsville family and divorce lawyer, who will guide you through this process.
The couple can decide the division of property and tangibles like furniture, car, and other assets accrued.
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In case there is disagreement, you will have to ask the judge to decide and divide the property.
Every state has different laws for the division of property. So whether you and your spouse decide the division or the judge decides, there are three critical steps to the process:
- Firstly, decide if the property under consideration is marital or not.
A Judge does not consider a property received as a gift or inheritance to one spouse before marriage for division. However, if the couple utilizes the gifted property to stay during the marriage, it can be considered for the division if the marriage lasted for more than 10 years. Also, it does not imply that the property will be divided equally.
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Similarly, a premarital bank account is considered for the division if there are deposits from your spouse for household expenses. The law of Alabama allows a judge to decide the property division in a manner he feels fair, regardless of which spouse owns it.
- Secondly, agree on a value for marital property.
If a couple cannot decide on the value of the tangible property, a couple can take help from the judge to evaluate the value of each item of property. This process can be complicated and may require the assistance of a financial expert.
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- Thirdly, decide how to divide the property.
There is no formula to divide the assets and debts since it is subjective and depends on facts and situations. Some factors considered during division are:
-Age and health of each spouse
-Marriage length
-Lifestyle during the marriage
-Arrangement for the children
-Fault-based divorce
-Tax implications and more
Conclusion:
Spouses can decide the division of the property by assigning certain property items to each or selling the property to divide the finances. The couple also needs to decide on the debts accrued during the marriage. If the couple cannot decide, the judge may make the final decision by looking at different factors contributing to divorce.
