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Which assets are included in property division?

On Behalf of | Apr 16, 2020 | Property Division |

The saying “what’s mine is yours and what’s yours is mine” might sound nice when going into marriage, but marital property can actually be quite complicated. That property has to be divided between two people during a divorce. Alabama family law determines how that property should be split up, so it is helpful to have a thorough understanding when heading into property division.

Marital property generally refers to all of the assets that a couple acquires after they get married. There are a few exceptions to this rule, as things like inheritances and gifts given directly to one person are usually considered separate property. Separate property is not subject to division during divorce — only marital property has to be split.

Although some people in Alabama think that marital property is split 50/50 during divorce, this is not necessarily the case. Instead, property should be divided equitably, or in a way that is most fair. This quite often looks fairly close to an even split, but in some situations one person may end up with a larger share of marital assets than his or her ex.

No one wants to walk away from a divorce with less than his or her fair share of the marital assets. But since Alabama family law is not necessarily common knowledge, accidentally getting less than what one is entitled to might be surprisingly easy. To avoid this possible outcome, some people choose to speak with an experienced attorney about their options during property division.