3 Things to Know About Dividing Finances in an Alabama Divorce

September 8, 2020
Written on behalf of Daniel H. Chambers Attorney at Law, P .C.

If you’re planning a divorce, you need to focus on many things in order to move on from your past and have a bright future.

There are multiple aspects that need to be addressed throughout a divorce, but an extremely important one is dealing with your finances.

Equitable Distribution of Assets

In the state of Alabama, the judge presiding over your divorce is under obligation to equitably divide your assets as well as your debts. An equitable division is not the same as an equal division, so it’s important to make sure all assets are valued correctly.

Depending on the couple it is possible that in addition to savings accounts, other assets such as private investments, motor vehicles, real estate, and retirement accounts could be problematic.

The Distribution of Liabilities

If you have joint debts including loans and credit cards, they will also be divided between you and your soon-to-be-ex. However, regardless of who has responsibility for each debt according to the judge’s order, all joint debts remain the legal obligation of both of you.

This means that if your ex-spouse fails to make that credit card payment on time – or at all – your credit rating will be hurt. In fact, until the joint debts are completely paid off you and your ex will be sharing a credit history.

Take Action to Protect Your Future

Recognizing the importance of dividing assets and liabilities is the first step toward securing a good settlement.

Because matters pertaining to finances in divorce are often complex, it is generally best to contact an experienced divorce lawyer as soon as possible.

Contact an Experienced Divorce Attorney in Alabama

This blog post should not be taken as official legal advice. If you need more information or you’re considering divorce, it’s best to speak with an experienced attorney, like Daniel H. Chambers, Attorney at Law, PC.

Mr. Chambers is a respected attorney in the Alabama legal community who takes pride in successfully negotiating favorable settlements for his clients because he never wants his clients to spend a dime more than necessary.

Mr. Chambers is also prepared to fight for you in the courtroom. He prepares every case as if it will head to trial because he wants to be ready to make the best possible arguments on your behalf at the negotiating table and in court.

Call 205-913-4057 or Fill Out Our Form to Get Your Consultation