The standard of division of property in a divorce in any Alabama municipality, including Birmingham, is “equitable division”. Unlike some other states, the concept of equitable division does not necessarily mean 50/50, but could instead include any division which the court feels is fair. Under equitable division the court takes into account such considerations as the source of assets and debts, whether or not assets include family owned properties, and even the well-being of each spouse after the divorce is completed. With this in mind, what is likely to happen to an inheritance in a Birmingham divorce?
Due to the concept of equitable division, Birmingham judges are likely to take a look at all factors when deciding how to divide an inheritance during a divorce. Such factors include how long the couple remained together after the inheritance was received, whether or not the inheritance was used to further the couple’s overall financial situation, and whether or not it would be possible to determine exactly how the inherited property or funds were used.
As an example, a heir who inherited a lump sum of cash only a short time before the divorce filing, and kept the funds in a separate account from the couple’s other marital funds, may find that he or she has a far better chance of retaining the funds than if the funds had been received much earlier in the marriage or if the funds had been commingled with other marital assets.
Due to the complexities of such situations, if you have received an inheritance and are thinking of filing for divorce, it is important that you get competent legal advice and representation in order to ensure that you receive the best financial outcome possible.
