Hi, Carol, Thank you for your reply,
The house, up to the amount your husband paid for it, is considered "non-marital property" and would belong to your husband in any divorce situation. Under Alabama law, the amount by which the non-marital property appreciated during the marriage can be claimed as "Marital Property" to which a spouse may claim an interest.
To illustrate this, please allow me to give you the following example:
Assume that your husband purchased the property for $100,000. At the time of the marriage, the property had a Fair Market Value of $200,000. Let us also assume that today, the property has a Fair Market Value of $250,000.
The first $200,000 is considered "Non-marital Property; the $50,000, the amount by which the property appreciated during the marriage is considered "Marital Property" to which you may claim an interest. But, even though the $50,000 is considered "Marital Property", it is not divisible while the parties are married. In other words, the law requires that a spouse be involved in Divorce Proceedings in order to demand the division of any Marital Property.
If you cannot convince your husband that it would be unwise to put all the sale proceeds from the house into the business, it might be a good idea to make an appointment with a financial planner who would probably give your husband the same plan that you and I agree on. For some reason, an individual is more likely to believe and follow the advice that he had to pay for, rather than listen to us wives. Please leave a positive rating so that I can receive credit for researching your question and furnishing you with Answers and information. It will not cost you anything additional, but it is necessary for me to receive credit and payment for assisting you. Thank you for understanding,
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