When Alabama residents usually think about what assets they own, they often will list-off items like home, car and bank accounts. When it comes to dividing assets in a divorce, individuals naturally will think of these items first as well, and how these items will be divided among the spouses.
While assets, like the above, are certainly a key part in the property division of any divorce, spouses should recognize there are several other assets that also come into play and that may need to be divided among the couple. Assets like retirement accounts and life insurance policies may be at issue in the property division, and these assets may be very valuable and important for the spouse to keep.
For instance, a man who recently became a public figure after his criminal trial, George Zimmerman, is now going through a divorce after his wife filed a divorce petition. Among other assets, the wife is asking the court to order Zimmerman to pay for a permanent life insurance policy the couple has, which names her as the beneficiary.
Citing Zimmerman’s ability to pay the premiums on the policy, the wife is seeking to have the policy paid for as part of the overall distribution of marital property. She is also asking for an equal division of the parties’ other assets, including checking accounts, trusts and partnerships that may exist, as well as unknown assets that may exist.
The case is a good example of how spouses should be sure they think of all assets that may exist when the divorce petition is filed, not just simply thinking of what is in the bank account. Individuals can work with a divorce attorney to determine just what these assets might be, and how to best seek an equal distribution of all assets at issue.
Source: Alabama’s 13, “Zimmerman’s wife seeks life insurance policy,” Mike Schneider, Sept. 6, 2013.