The concern of many spouses when they consider divorce is how their assets will be distributed once the proceedings have concluded. Below you will find a guide to how assets are distributed during a divorce in Arkansas.
The state of Arkansas is considered an “equitable distribution” state when it comes to property dispersion during a divorce. There are a number of ways in which the assets can actually be divided between a couple. If both parties are able to come to an agreement, they are able to divide their assets on their own through a Marital Separation Agreement or a Property Settlement Agreement. These documents can help decide:
- Who lives in the family home, keeps the car(s)
- Who will pay expenses
- How money within personal bank accounts are divided
- Who will pay current debts
- Whether alimony or support is needed
- Who will have custody of the children
If a couple is unable to come to an agreement, the judge assigned to their case will make the decision on how assets will be distributed, which is where equitable distribution comes into play. The judge will then fairly divide property based on both party’s specific circumstances.
How Assets Are Distributed
The first thing the judge will do is determine which property is marital and non-marital property. Non-marital property includes anything that was brought into the marriage such as inherited property, gifts to only one spouse, and proceeds from worker’s compensation claims. Once these assets are singled out, the judge will then separate the remaining assets based on the following criteria:
- The length of the marriage
- The occupation of both spouses
- The age, health, and stage of life of both spouses
- What each spouse contributed to obtaining the marital property
Both spouses will also go through a discovery process to provide relevant information that will allow the judge to determine where the rest of the marital-property will go.
Contact Our Arkansas Divorce Team Today
Even though a judge has the ability to make decisions on property division during a divorce, an experienced lawyer can help present your case with the aim of truly benefitting you. We are prepared to offer personalized and compassionate legal representation to help ensure your best interests are kept in the event of a divorce.
If you and your partner are considering divorce, don’t hesitate to contact us today through our website or give us a call at (479) 888-2039 to find out how we can help.