Russell W. Crumbley
Attorney at Law
521 Madison St., Suite 201
Huntsville, AL 35801
Phone: (256) 539-4464
Fax: (256) 539-4462
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One of the functions of the court in a divorce proceeding is to make a division of the property owned by the parties. It is within the discretion of the court to order a transfer of property owned individually by either spouse or jointly-held property in order to "do equity" between the parties. The court has power to order either party to give or convey his or her interests in stock, vehicles or real estate to the other spouse in exchange for the release of marital obligations.
Because the divorcing husband and wife are most familiar with their own property, the divorcing couple should work out a division of assets that is acceptable to both and incorporate the agreement into the divorce decree. While a court is not necessarily bound by an agreement for division, such property settlements are looked upon with favor. If no agreement is remitted, the court will make the division based on the needs and interests of the parties as shown through testimony at trial.
The division of property between the husband and wife and awarding of alimony and child support payments often result in adverse and unexpected tax consequences that my be avoided with proper planning.
Are you facing divorce or do you need legal advice on a domestic law matter? Please contact Russell W. Crumbley at 256-539-4464 to schedule a consultation or click here to complete a short form and a member of our firm will contact you shortly. Thank you.
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