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Property Division Archives

Whether to sell or keep the family home during divorce in Alabama

Many married couples have made the decision to buy a home. A family home often makes up a large portion of a couple's assets, and it can be difficult to divide in the event of a divorce. Deciding what to do with a home during this period can be challenging and will likely have a significant impact on their future. Individuals in Alabama who are facing a similar situation may find that there are only a couple of viable options available.

The possible impacts of divorce on retirement in Alabama

When a couple chooses to end a marriage late in life, certain aspects of the process may have an effect on retirement. The divorce rate in couples at this stage has increased significantly over recent years. For an individual who is facing a similar circumstance in Alabama, division of property and assets will likely have an impact on his or her financial future. Careful consideration of everything involved may prove beneficial to the outcome of such a difficult situation.

Outside help for property division during divorce in Alabama

Divorce can be difficult for many different reasons. For couples in Alabama who are separating, property division is a very important factor. This can be especially true when the couple own a home together. While reaching a joint decision on how to proceed with the division of assets during divorce can prove difficult, obtaining legal counsel may help smooth out the process and provide a favorable outcome for everyone involved.

Being prepared for divorce in Alabama

The decision to dissolve a marriage can be complicated. Division of property and assets can prove difficult, and have a major impact on a person's financial future. For couples in Alabama, understanding the process and everything involved can be beneficial when making the important decisions that divorce proceedings typically require.

Working with a real estate agent during a divorce

For many Alabama couples, the end of a marriage means that their family home will need to be sold. Selling a home allows both parties to share in the accumulated equity, which can help both spouses achieve financial stability after a divorce. Even so, placing one's home on the market can be an incredibly emotional time. Fortunately, working with a real estate professional can make the process far easier to manage.

Recent statistics on retirement and divorce

For many Alabama spouses, one of the most pressing concerns about ending their marriages involves how their decisions will impact retirement plans. This is an understandable concern, as statistics show that divorce can have a number of consequences for an individual's ability to retire as planned. Understanding how the financial aspects of a divorce may play out in the years to come can help spouses make wise financial decisions during and after divorce.

Beware of moving assets during or just prior to divorce

For many Alabama spouses, the timeframe leading up to a divorce is one filled with planning. Taking a proactive approach to structuring one's post-divorce life can make a world of difference in the months and years to follow and is a great idea. When making preparations, however, it is important to avoid taking any financial action that could be interpreted as depleting marital wealth.

Rethinking common beliefs about divorce and what follows

One of the most harmful things that spouses can do to themselves at the end of their marriage is to fall into the trap of believing misconceptions about what their single life might look like. In reality, no one knows what the future holds, which underscores how futile it is to obsessively worry about one's post-divorce life. A far better investment of that time would be to turn one's attention to the legal aspects of his or her Alabama divorce.

Gaining professional financial advice during an Alabama divorce

Understanding the ins and outs of property division options can be a challenge. For many in Alabama, that aspect of divorce is the most difficult to weather. Fortunately, help is available from professionals who are trained in the financial aspects of divorce. Known as certified divorce financial analysts (CDFAs), these advisors can help guide spouses toward the choices that are best suited to their unique needs and goals.  

2 tax issues to consider during an Alabama divorce

Dividing a family's assets is one of the biggest challenges for a divorcing couple. There are multiple approaches that can be taken, and each Alabama couple has a set of goals when it comes to splitting up their accumulated assets. When it comes to brokerage accounts, there are also serious tax consequences associated with various divorce choices. Couples should be aware of the tax obligations that accompany each option and make decisions that preserve the greatest possible share of wealth.

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