Fayetteville Asset Division Lawyer

When Arkansas couples get divorced, they must split all property accumulated during the marriage in an equitable manner. This typically requires the help of a Fayetteville asset division lawyer.

Trust Bundy Law

If you’re looking for the right Fayetteville asset division attorney, look no further than Bundy Law. Our team includes acclaimed and certified family lawyers who know asset division laws inside and out. Our Fayetteville family lawyers can make sure you get a fair share of the marital property when you get divorced, protecting your rights and financial interests and allowing you to focus on what’s most important: moving on.

Why Hire an Asset Division Lawyer?

The average household income in Fayetteville, Arkansas, is $92,703. The median home value is an impressive $318,319. In other words, couples here in the Athens of the Ozarks have a lot to lose when they get divorced. Given that Arkansas has one of the highest divorce rates in the country, with 11.9 divorces per 1,000 women in 2022, asset division lawyers have their work cut out for them.

If you’re concerned that you might miss out when property gets split in your divorce, you should hire an asset division lawyer. Your lawyer can help you make sure your spouse isn’t hiding any money or other assets that should be considered marital property, hiring forensic accountants and other professionals if necessary to follow paper trails. They can also represent you and your interests throughout this complex legal process.

Marital vs. Separate Property

It’s important to note that while you are entitled to a fair share of marital property, separate property does not get touched in a divorce. Whether a specific asset is considered separate or marital property depends on when and how it was acquired. In Arkansas, marital property is defined as any asset or debt acquired during the marriage. That includes the marital home, even if it was acquired before the marriage or only one person paid for it.

Separate property includes assets and debts acquired before the marriage began or during the marriage using separate funds. Separate property must be titled in the purchaser’s name, and money cannot be commingled with marital property. Gifts, inheritances, and any increases in value of separate property are also exempt from division upon divorce. That includes any income or increase in value in a business or income-producing property owned by one spouse.

How the Courts Decide on an Equitable Distribution

In most cases, a fair distribution of assets results in a roughly 50/50 split. However, there are cases in which courts decide that an equal division is not fair to either party. To determine whether that’s the case, the court will consider:

• How long the spouses have been married
• The age and health of each spouse
• The standard of living established during the marriage
• Each spouse’s employment and education history
• The contribution of each spouse to the household
• Each spouse’s assets and liabilities
• The federal income tax consequences of property division
• Outside sources of income

It’s worth noting that the court will consider non-monetary contributions, such as homemaking and child-rearing, in addition to monetary contributions to the marriage.

You and your spouse can also create your own property division agreement. It can divide property equally or not, depending on what you and your spouse deem fair to both parties. It’s a wise idea to have any property division agreement reviewed by a lawyer before submitting it to the court for approval.

Hidden Assets and Property Division

Hiding assets is illegal. You and your spouse are both required to disclose 100% of the money and other property you have, but sometimes, one party tries to avoid the equitable distribution of their assets by hiding them. Your lawyer can help you uncover hidden assets and ensure that they are rightfully considered part of the marital estate.

FAQs

How Are Assets Divided in a Divorce in Arkansas?

In Arkansas, assets are divided in a divorce according to equitable distribution. Equitable distribution is usually a 50/50 split of all marital property, including both assets and debts. However, judges can award unequal shares based on factors such as the length of the marriage and each person’s income, health, and contributions to the marriage. Contact an experienced Fayetteville divorce lawyer to learn more.

Why Is Moving Out the Biggest Mistake in a Divorce?

Moving out is the biggest mistake in a divorce because it can negatively impact both child custody cases and property division. You’re creating a significant financial burden by paying for two homes, and it can make you look less invested in your marital home, making it less likely that you’ll be awarded the property during the asset division process.

What Money Cannot Be Touched in a Divorce?

The money that cannot be touched in a divorce is known as separate property. Separate property includes money you had before your marriage that has not been commingled with marital funds, gifts or inheritances made only to you and not your spouse, and any income you’ve made since separating from your spouse.

What Is a Wife Entitled to in a Divorce in Arkansas?

In Arkansas, a wife is entitled to an equitable share of the marital property. In most cases, that means 50% of the assets and debts accumulated throughout the marriage. However, there are cases in which judges award a larger or smaller share of the marital property to wives. If a husband attempts to hide assets, for example, the wife could be given those assets in addition to her equitable share.

Your Fayetteville Asset Division Lawyer

Asset division is one of the most contentious aspects of getting a divorce. If you’re worried that your spouse might be hiding assets or you may not get the full amount of marital property to which you are entitled, contact a Fayetteville asset division lawyer like the ones here at Bundy Law. Our team has been working on asset division cases for years, and in that time, we’ve seen it all. Let us help you protect your rights. Contact us to schedule an initial consultation today.