Notes

Dividing Property in an Arkansas Divorce
There are two kinds of property in Arkansas: community property and separate property. Marital property is any asset or property that a couple gets during the marriage. This includes earnings, savings, homes, automobiles, furniture, etc. Separate property is anything that either partner owned prior to the marital relationship or anything that was gifted to or inherited by one spouse throughout the marriage.
The initial step in dividing property is to determine what kind of property it is. If it's community property, then it will usually be split equitably in between the spouses in the divorce. If it's separate property, then it will stay with the owner of that asset.
The next step is to figure out how to value the asset. This is generally done by employing a professional appraiser. As soon as the asset has actually been valued, the next action is to figure out how to divide it between the spouses.
There are a few different methods to do this. The first way is to sell the assets and split the proceeds uniformly in between the partners. The 2nd method is to have one spouse buy out the other partner's share of the property. The third way is to keep the property and have one spouse pay the other partner for their share of the property.
How a judge will Divide Community Property
If separating partners can not reach an arrangement regarding how assets will be divided, then a judge will need to make the decision. In Arkansas, community property is typically divided equally in between the spouses in a divorce. Nevertheless, there are some factors that a court will consider when dividing community property. These issues consist of:
· The income and earning capacity of each spouse


· The age and health of each partner
· The monthly amount of child support or spousal support that each spouse will be paying or getting
· The separate property of each spouse
· Any debts that each partner has
· The need for one partner to stay in the family home
The court will likewise consider any other factor that it thinks is relevant to the division of property.
Can Separate Property be Divided in a Divorce?
Separate property is typically not divided in a divorce. However, there are divorce in arkansas cost where a court will divide separate property. These situations consist of:
· If the property was obtained during the marriage and it would be unfair to not divide it
· If the property is divided in order to equalize the allocation of community property
· If one spouse requires the asset in order to have a place to reside.
What about debt?
Debt is normally treated like property in a divorce. This indicates that it will be either be divided uniformly in between the partners or it will stay with the partner who obtained the financial obligation. however, there are some financial obligations that might be allocated to only one spouse. These financial obligations consist of:
· Debts that were sustained for luxury items
· Financial obligations that were sustained for medical costs
· Debts that were sustained for education expenditures
· Debts that were sustained throughout the marital relationship however only one spouse took advantage of them
A court will likewise think about any other factor that it believes is relevant to the allocation of debt.
Reaching an Agreement with Your Partner
If you and your partner can reach a settlement agreement on how to divide property and financial obligations, you will conserve substantial time and money by not having to prosecute these issues in court. Furthermore, you don't deal with the uncertainty of having a judge decide how your assets and financial obligation is divided. Finally, by reaching an agreement with your partner on the terms of your divorce, you have the choice of utilizing an Arkansas online divorce service rather than having to work with a lawyer. As a result, making a concerted effort to come to an arrangement with your partner on the terms of your divorce is certainly worth it in the long run.



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