“Some say he did the impossible!”
The Jere Beasley Report, August 2005
Property and Asset Protection
Birmingham divorce lawyers protecting our clients assets in Mountain Brook, Vestavia, Homewood and the area surrounding Birmingham, Alabama
The financial strain of a divorce can be crippling. Our divorce attorneys know that our clients are concerned about their financial health after the divorce is complete. We work hard to protect our clients property and assets to ensure they can move on with a normal life after the divorce decree is final.
Property division in Alabama is accomplished through a process called “equitable distribution.” This means if you are unable to enter into a settlement agreement with your spouse, the judge will distribute the assets of the marriage in an equitable manner. This does not mean property will be divided 50/50.
The following are factors courts typically consider in making an “equitable distribution:
- Any contribution to the marriage by both husband and wife. This includes which spouse provided care to the children,
- The financial status of each spouse,
- The length of the marriage,
- Any sacrifice of career or other opportunities, by either party,
- The preference of keeping a particular asset such as an interest in a business, free from interference from the other party,
- Proportional contribution of each party to the enhancement, and production of income, and
- A preference to maintain the marital home as a residence for minor children.
If you had a significant separate estate prior to the marriage, expect your spouse to attempt to make a claim to some of those assets. While technically it was not part of the marital estate, they will likely claim that this separate estate became marital property because it was used to support the marriage and maintain the lifestyle of the parties.
Likewise, if your spouse has a significant estate, and you have very little, don’t expect them to be generous during the divorce. Odds are, they will try to keep it all to themselves and let you fend for yourself.
This is when you need an attorney experienced in property and asset protection. At Parkman White, LLP, we will assess your unique situation and formulate a strategy to protect what is rightfully yours. Call Jim Parkman, and William White today to discuss how to protect your assets in an Alabama divorce.