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Ah, the issue of marital property and equitable division…it’s what’s on everyone’s mind for Christmas! I regularly engage clients who have, over the years of their respective marriages, become comfortable with purchasing or owning property to which neither party is titled in any way. They “rent-to-own,” without a contract. They agree to allow the marital residence to be titled in the name of one of the spouse’s parents. They pay a car note for a vehicle titled to another relative, and on and on. Then one day, surprise! The spouse whose relatives actually own all of the significant marital property wants a divorce.
They come to see me and get the proverbial “kick in the nuts,” because I have to tell them that the “sweat equity” they have in that property is now worth nothing. For a Court in Alabama to award property in a divorce proceeding, the property must be that of the marriage, owned and acquired by at least one party to the marriage during the course of the marriage, purchased with marital income.
Here’s a more detailed review of the issue from Forbes Magazine: http://www.forbes.com/sites/jefflanders/2011/04/12/understanding-how-assets-get-divided-in-divorce/
Now, Ron didn’t say that the Ninja Juicer has to be titled in both parties in ordered to be marital property. However, at least one of the parties must have ownership or title of an asset for the Court to engage in the equitable division of that asset. If at least one of the parties can be shown to be the owner of a particular thing, the Court can at least consider evidence as to how it should be divided. Otherwise, it isn’t marital property and you’re not going to get it.
What’s the take-away here? Don’t allow yourself to get bamboozled into believing that the asset you are working so hard to pay for and/or improve is actually yours if you name isn’t on the title. I recognize there are situations in which actually owning something may not be a good idea financially. Just know that, no matter what you’ve contributed to an item, if you or your spouse don’t own it, it can’t be divided by the Court.
For a more detailed analysis of your particular situation, call or email me for a free initial consultation. (251)445-0891 or ron@mcbaylaw.com. Merry Christmas!
The post If it isn’t yours, you’re not getting it. Marital Property in Alabama appeared first on The Law Offices of Teague and McBay.
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