One of the most challenging tasks involved in a divorce can be asset protection and division. An asset is anything that has monetary value. Even those guns in the safe may be worth a substantial sum of money that needs to be accounted for even if it is something you do not desire to possess. In a divorce, assets are considered either marital or separate property. Marital property is any interest in something that was acquired, received, accumulated or earned during the course of the marriage. That means that something acquired prior to the marriage, and used for the benefit of the marriage, could also potentially be marital property. Separate property is an asset that you acquired prior to the marriage, or by gift or inheritance, that was never comingled or used for you and your spouse’s common benefit.

Alabama is an equitable distribution state meaning that assets and debts must be divided “fairly”, not equally. Retirement accounts, pensions, profit-sharing plans, savings plans, annuities, business interests, as well as other employment benefit plans, may be divided. When making a division, the Court will consider many factors such as the source of purchase monies or down payments, financial contributions of the parties, sweat equity or household and childcare responsibilities, misconduct of a party, as well as a spouse’s separate estate.

At Crawford Gentle Law, P.C., our attorneys have the experience to meticulously analyze all financial documents provided to determine which assets will benefit you the most. Whether you have access to all martial asset records, or are in the dark as to what you and your spouse possess, our legal team will tirelessly pursue the truth to ensure you are protected.