Arkansas Marital Property Form
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People also ask
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What is considered personal property in Arkansas?
Personal Property – Under Arkansas law, A.C.A. § 26-1-101, personal property is defined as “Every tangible thing being the subject of ownership, and not forming a part of any parcel of real property as defined.”
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What is considered non-marital property in Arkansas?
Non-marital property – also called “separate property” – includes property a spouse owned before the marriage, as well as certain gifts, inheritances, and medical expense recoveries from personal injury, workers' compensation and Social Security claims.
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What is a wife entitled to in a divorce in Arkansas?
In Arkansas, all marital property is distributed one-half (1/2) to each party unless the Court finds such a division to be inequitable.
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Who keeps the house in a divorce in Arkansas?
Each spouse has an interest in the home because the spouses have used marital income to pay the mortgage and maintain the property. The spouse who has a pre-existing connection to the property might be able to retain it after the divorce so long as they compensate the other spouse for a fair portion of the home equity.
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Is inheritance considered marital property in Arkansas?
The basic rule in Arkansas is that an inheritance, regardless of when it was received, is the sole property of the heir. In cases where inherited funds were used to make home improvements or for a similar purpose, they are considered to be commingled.
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Is a house owned before marriage marital property in Arkansas?
Whether acquired before or during the marriage, the home is typically considered to be marital property, subject to an equitable division if the parties paid for it together, paid for improvements together, or otherwise joined their assets together.
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What is the definition of non matrimonial property?
Property that is unlikely to be shared between the parties on the breakdown of the marriage or civil partnership unless it is required to meet needs. Generally non-matrimonial property is: Acquired by one party before the marriage. Acquired by one party by gift. Inherited by one party.
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What is the protocol to split assets in a divorce in Arkansas?
Generally, all property accrued during the marriage will be equally divided, including real estate, retirement accounts and other types of assets. However, the courts can divide the property unequally, if equity so dictates. However, arguments for an unequal distribution based on your specific case can be made.
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