Both terms mean over there but I am wondering if there are specific preferences of use. Thank you.
They mean essentially the same, but あの is always used with a noun, and あれwithout one. Examples:
- あれは時計です。（There is a watch there)
- この時計はあそこです。(This watch is there)
As you can see, in the 1st sentence, the emphasis is on the watch's location (is it in the speaker's space, in the listener's space, or elsewhere), while the in the 2nd the focus is on the watch.