Divorce proceedings in Birmingham can be complicated, requiring you to make several decisions and likely answer several questions as well. These inquiries may become even more intricate for co-ownership couples of real estate.
Divorce entails the division of considerably more than an individual’s life expectancy. Numerous couples amass and distribute valuable assets during their matrimonial unions; in the event of divorce, a well-structured strategy is imperative for the equitable distribution of these assets. Read on to learn more.
Is Birmingham Governed by Common Law Property?
Fair and honest, but not necessarily equal, distribution of property and debts is the norm in Birmingham. In cases where a couple is unable to reach a mutual agreement regarding the division of property, the court will administer an equitable division.
Property obtained during a marriage is customarily regarded as marital property and is typically distributed equitably. Consider a scenario in which a single spouse inherited a home during the marriage or acquired the property from one spouse before the union. When this occurs, it is typically regarded as a distinct property.
What Constitutes Marital Property in the City of Birmingham?
The equitable distribution regulations in Birmingham do not mandate an equal division of a couple’s assets and liabilities. Methodologically, the Birmingham courts demand a comprehensive assessment of the couple’s circumstances. The following are some of the particulars that the courts take into account in property division:
- The financial and non-financial contributions that each couple has made to the marriage.
- The duration of matrimony
- The expected ability of each spouse to earn a livelihood following the union.
- The expected responsibilities of each spouse concerning any offspring born during the marriage.
In Birmingham, assets are classified as either marital property or separate property upon divorce. In general, marital property comprises every item of property that one or both partners obtain during the union. Separate property, on the other hand, refers to any assets acquired separately by the spouses before or after their separation. Separate property may occasionally become marital property. This occurs as a result of particular actions that “transform” the property into blended or marital property.
As an illustration, transmutation may occur when a pre-marriage real property owner transfers the property’s title into joint identities. Separate assets may also become marital property through mixing. When one partner utilizes marital funds to enhance, maintain, or contribute to personal property. When assets have been commingled or brought together by prior financial decisions, dividing them can be more difficult.