What is Equitable Distribution of Marital Property?
In Arkansas, equitable distribution of marital property is the legal process of dividing assets and debts between spouses during a divorce. It is important to note that equitable does not necessarily mean equal. The court will consider many factors when determining what an equitable distribution looks like in each specific case, including but not limited to:
- The length of the marriage
- Each spouse’s financial contribution to the marriage
- The future earning potential of each spouse
- The needs of any minor children involved
- Any property acquired prior to the marriage
For help distributing property following a divorce, contact our law firm as soon as possible. We understand the headaches and potential complications that can occur when splitting property. We will represent you to the best of our ability.
What If I Purchased Something Prior to Marriage?
If you purchased an item, such as a car or house, before the marriage, then that item is considered your separate property. This means that it is not subject to equitable distribution and you are free to do with it as you please. However, if you placed any improvements on the property during the marriage, those improvements may be subject to equitable distribution.
Similar to items purchased prior to marriage, anything inherited by one spouse is also considered separate property and is not subject to equitable distribution.
How Can a Divorce Lawyer Help Me?
Dividing assets and debts during a divorce can be a difficult task, especially if you and your spouse do not see eye to eye. A divorce lawyer can help by:
- Negotiating with your spouse on your behalf
- Drafting an agreement that is fair to both parties
- Representing you in court, if necessary
For more information about equitable distribution of marital property in Arkansas, contact our law firm today. We will review your situation and help you understand your options.
When Should I Contact a Lawyer?
You should contact a lawyer as soon as possible if you have any questions about the equitable distribution of marital property. An experienced lawyer can answer your questions and help you understand what you should look forward to as your divorce progresses. A skilled and knowledgeable divorce lawyer can also help you protect your rights and interests throughout the process.
You are not required to have a lawyer during the divorce process, but it is strongly recommended. The laws surrounding divorce can be complex, and it can be difficult to understand all of your rights and options without legal assistance. It is generally in your best interest to hire a lawyer to ensure your divorce goes smoothly. Call us today at (501) 891-6000 to get the legal help you deserve.