When navigating a contested divorce in Alabama, one of the most significant considerations for many couples is the fate of their real estate holdings. The division of property, including the marital home and other real estate assets, can be an emotionally charged aspect of the divorce process. At the Harris Firm LLC, we understand the intricacies involved in real estate division during divorce proceedings in Alabama, and this article aims to provide clear, professional guidance on what you should know.
Understanding Marital Property in Alabama
In Alabama, the law considers any assets acquired during the marriage as marital property. This includes real estate purchased after the wedding, regardless of whose name is on the title. When a couple decides to divorce, this property must be divided equitably. It’s important to note that “equitably” does not necessarily mean equally but rather what is fair considering the circumstances of each case.
Division of Real Estate in Divorce
The division of real estate in a divorce can take several forms:
Selling the Property: Sometimes, the most straightforward solution is to sell the property and divide the proceeds. This option can be appealing as it allows both parties to start fresh and use their share of the funds for future plans.
One Spouse Keeps the Property: In some cases, one spouse may wish to keep the property. This usually involves buying out the other spouse’s share or offsetting it with other marital assets. Refinancing the mortgage to remove the other spouse’s name might also be necessary, even in an easy uncontested divorce.
Continued Co-Ownership: In certain situations, ex-spouses might choose to continue owning the property jointly, often in cases where children are involved. This arrangement requires clear agreements regarding mortgage payments, maintenance, and eventual sale.
Factors Influencing Real Estate Division
Several factors influence how real estate is divided in Alabama divorces:
- The financial contributions of each spouse to the property.
- The length of the marriage.
- The future financial needs and circumstances of each spouse.
- Custody arrangements if children are involved.
Legal Assistance in Real Estate Division
Navigating the division of real estate in a divorce can be complex, involving negotiations and legal documentation. Legal assistance is crucial in ensuring that the division is fair and in line with Alabama law. At the Harris Firm LLC, our experienced family law attorneys can help you understand your rights and options, negotiate on your behalf, and prepare any necessary legal documents.
Divorce involving real estate in Alabama requires careful consideration and professional guidance. Whether it’s deciding to sell the property, buy out your spouse’s share, or another arrangement, understanding your rights and the law is crucial. At the Harris Firm LLC, our Birmingham divorce attorneys are committed to providing our clients with the knowledge and support they need to make informed decisions about their real estate during divorce. Our goal is to help you navigate this complex process with as much ease and clarity as possible, ensuring a fair and equitable resolution for all involved.
Attorney Steven A. Harris regularly blogs in the areas of family law, bankruptcy, probate, and real estate closings on this website. Mr. Harris tries to provide informative information to the public in easily digestible formats. Hopefully you enjoyed this article and feel free to supply feedback. We appreciate our readers & love to hear from you!