Property Division Lawyer in Arkansas

When you and your spouse decide to divorce, there are a number of difficult decisions you'll have to make together. One major decision is how you will split the property, assets, and debts you've gained over the course of your marriage. The legal term for this is called "property division."

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For someone dealing with the turmoil and grief of ending a relationship, it can be tough to know how to navigate this process. On top of that, if you don't handle it carefully, you may end up with an unfair property division agreement or a lengthier separation process.

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To make sure you and your spouse put together a fair distribution of marital assets, hire a property division lawyer from AR Family Law. We've helped with the toughest divorce cases and provided supportive and rigorous legal representation to numerous clients across Arkansas.

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Let us help you through this complex process so you can move on in the best way possible.

How Property Division Works

Property division can work differently depending on the state you live in. Most of the time, the process either follows community property or equitable distribution.

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• Community property is when most of the property you and your spouse gain during your marriage is held jointly. You're held responsible for dividing these assets yourself rather than through the court.

• Equitable distribution is when property acquired during your marriage is divided according to the court, but this division may not necessarily be equal.

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While there are several states like California and Arizona that are community property states, Arkansas is an equitable distribution state. Generally, this means all assets get a 50/50 split between ex-spouses. If the court determines this is inequitable, it may favor one party over another based on several factors, such as:
 

• The length of the marriage

• Health, age, and living quality of each party

• The occupation of each spouse

• The amount and sources of income of each party

• Vocational skills and the employability of each spouse

• Federal income tax consequences

• And more.

Of course, we should mention that this relates to marital property (what you and your ex gathered during your marriage), not non-marital or separate property (assets that one spouse owned before the marriage).

In that case, all separate property must be returned to the person who owned it before the marriage. However, the court might find it more equitable to allow a spouse to keep property from the other spouse. This means there's a chance you may lose your own property from before your marriage.

To avoid this, know the difference between separate property and marital property. More importantly, make sure you are working with seasoned property division lawyers in Arkansas, like AR Family Law. We'll make sure you hold onto the assets you rightfully own.

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What's Considered Separate Property & Marital Property?

Knowing what the court considers marital property versus separate property is vital. These two categories are often how courts decide who gets what in a divorce. 

Here's a quick breakdown to help you understand the differences between the two:

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Separate Property

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• This is any property you had before marriage or acquired during the marriage using separate funds, with the property title having only your name.

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• Assets like gifts, inheritances, and the increase in value of a separately purchased real estate property are also considered separate.

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• If one spouse has a business or income-producing property in their name, any income or increase in value during the marriage is also considered separate.

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Marital Property

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• This is any property that you or your spouse obtained together during marriage. For example, the home you both lived in is considered marital property if the two of you paid for it together.

• Joint property, bank accounts, and retirement accounts are also considered marital property.

• Items purchased for shared use in the home are also marital property.

What Property Division Lawyers in Arkansas Can Do