In Huntsville, Alabama, marital property includes property and money acquired during a marriage. This property should be distributed equitably between divorcing spouses. If a divorce involves a significant amount of assets, the divorce can quickly get messy. If you are getting a divorce and fighting for your share of your family’s significant assets, you should get legal advice from an experienced divorce attorney. Your attorney can negotiate a divorce settlement agreement with your financial interests in mind.

Preparing for Asset Division

During a divorce, spouses must compile an inventory of the assets they own. Also, all tangible assets need to be appraised by a professional. Every spouse should get their own appraisal for value determination. Then, they should submit the inventory and appraisal to the family court and share it with their spouse. When the documents are filed, your divorce attorney can review the submittal of your spouse to make sure all known assets are valued accurately. Your attorney will negotiate the assets based on the inventory.

As your Huntsville lawyer inventory assets, they will consider existing prenuptial and postnuptial agreements. Often, a prenuptial agreement establishes rules on how property must be treated when a divorce occurs. If this agreement exists, your attorney must review it to determine the applicability and fairness of its provisions or whether they must contest it.   

Asset Identification and Classification

The assets that you and your spouse have accumulated are classified as either:

• Marital property. This includes assets and property acquired jointly during your marriage.
• Separate property. This includes property you or your spouse owns alone before marriage or obtained as gifts or inheritance.

The divorce law in the state requires marital property to be distributed equitably and lets every spouse retain their separate property. Generally, the court determines what is fair and equitable. How the court will divide marital property depends on factors such as the length of your marriage, your respective financial contributions during the marriage, your respective needs, your respective age and health, as well as your individual lifestyle. 

Common Disputes and Financial Misconduct During Asset Division

In some instances, the value assigned to some assets does not match the inventory of every spouse. If valuation issues exist, your attorney can push back and persuade your soon-to-be ex to adjust their valuations. 

Sometimes, a spouse may not include some assets in their inventory. If a spouse hides or sells off marital assets or changes account names following the submission of divorce papers may face sanctions. However, such assets need to be located and their existence must be proven to be considered marital assets in court proceedings. If needed, your attorney will hire a forensic accountant to disclose hidden assets and guarantee a comprehensive disclosure of assets.