Alabama women who choose to end their marriages are most likely concerned with their future financial security and other important issues. Divorce can be complicated and stressful, and it is good for women to know that there is professional help available when they are planning to navigate the legal system. Assets that include cash, property and other items of ownership are taken into consideration when a settlement is being negotiated. Women will want to be aware that some assets are more difficult to divide than others.
Disagreement sometimes arises between divorcing spouses where issues involving bank accounts, automobiles, real estate or other owned property are concerned. When items being considered for division are tangible and self-evident, the process is typically based on assessed values and is rather simple. Other assets, however, might not be so easily divided.
Assets whose values might necessitate a professional evaluation when determining how to divide them in a divorce include, but are not limited to, fine art collections, thoroughbred animals and professional practices. Each state functions within its own guidelines when it comes to property and asset division in a divorce, and those guidelines are known to vary considerably from state to state. In many divorces, the subject of discord is not, specifically, the value of a certain asset, but whether that asset is subject to division.
Among issues most often contested in divorce where potential division of assets is concerned are those involving third party trusts. A woman considering divorce in Alabama will want to clarify issues such as whether she would have to share a portion of a trust fund given to her by a parent or grand-parent with her soon-to-be former spouse. An experienced family law attorney would be able to answer questions regarding this and other matters of legal importance.
Source: forbes.com, “What Divorcing Women Need To Know About Protecting Third-Party Trusts“, Jeff Landers, Oct. 8, 2015
