The process of untangling finances and dividing property can be one of the most intimidating aspects of dissolving a marriage. As the outcome of this process could have a significant impact on one’s life, individuals in Alabama who are facing a similar situation may have concerns about how to prepare to safeguard their future interests. Identifying and valuing all marital assets may be an integral component of preparing for this process but some might not know what to expect from this aspect of divorce.
Any type of asset that is deemed marital property will be subject to the property division process and obtaining the proper value of each asset can be complex, yet vital. The process of valuing certain types of assets may involve obtaining an appraisal, whether this pertains to the family home or an extensive art or antique collection. With a home, it may also be necessary to address other factors, such as whether there were any increases or decreases in the home’s value or if any steps were taken to improve the property during a marriage.
Business assets and real estate holdings are two more examples of complex assets that may play a role in this process. Valuing a business may prove a complicated task at times and factors to address may include identifying tangible and intangible assets, addressing business debts, and covering the topic of profits. This may only include a few examples of assets to value and while being thorough with this process might be essential to protecting one’s interests, things might not always be so simple.
Preparing for the process
Obtaining the true value of marital assets can prove an integral aspect of preparing for a divorce. Those who have concerns about how best to address this topic might consider retaining the services of an attorney for guidance in navigating the process. An attorney in Alabama can help a client better understand the steps to take to identify and properly value marital wealth and assist in creating a strategy for legal proceedings that aligns with his or her future wishes and needs.