It is certainly true that some Alabama divorces are so-called “uncontested” affairs that are relatively straightforward and low-key.
Such a decoupling – often termed a “simple divorce” – commonly features an absence of contentious issues (e.g., a dug-in battle concerning child custody or differences in view regarding alimony payments). Alternatively, a splitting couple may be able to effectively settle all outstanding concerns and be able to terminate their marriage without any material pressures or conflict.
Candidly, though, that defines a dissolution that is inconceivable to many couples seeking to end a failed marriage. For them, it is often the case that one or more issues emerge as manifestly challenging or seemingly intractable. Those “contested” divorces, notes an established Alabama family law legal source, “are typically lengthy, demanding and stressful.”
And this is true too: They often feature a significant amount of property and an asset pool that is notably varied and diverse.
Highlighting one select asset in many high-value Alabama divorces
Proven family law attorneys with a deep well of experience representing high-asset clients in contested divorce matters know that marital wealth sources are likely to be scattered and highly differentiated. A recent divorce blog post points to “myriad personal holdings from many different categories.” A bulleted list of possibilities sketched in that post underscores a “family business and/or professional practice,” which is addressed immediately below.
The vital need to protect a business during divorce
There is no question that a business is often both precious and vulnerable as divorce negotiations play out. A divorcing spouse who has nurtured a company and turned it into a profitable enterprise is often understandably preoccupied with other matters. Moreover, his or her soon-to-be former partner might be taking steps to actively harm the business or to unethically profit from it as the result of marital termination.
Although the treatment of a business during divorce breeds unique considerations in every case, these few core matters emerge as centrally important in many instances:
- Asset identification (all business assets must be located and duly categorized)
- Asset valuation (the worth of business property must be accurately established, with relevant input sometimes needed from a team comprising appraisers, forensic accountants and other professionals being important)
- Asset distribution (the division of marital business property must be fair/equitable under Alabama law)
Business holdings are sometimes centrally important in an Alabama divorce. An experienced family law attorney with proven acumen in property division matters can diligently safeguard the interests of a client and help ensure a fair asset distribution outcome.