This is the last post in a series of articles discussing how property is divided between divorcing spouses in Little Rock, Arkansas. Our previous article discussed the importance of enforcing the terms of a final divorce decree. This is particularly important in connection with separating marital assets and debts. Failing to ensure that a joint credit card is closed, for instance, could result in an unsuspecting spouse being held responsible for the debts incurred by their ex or to long-term damage to their credit. It is imperative, therefore, to follow through with any actions required by a divorce decree and ensure that your spouse does the same. The goal of this series has been to explain how Arkansas Courts approach property division issues in divorces. An experienced attorney can review your case and help you understand your rights. If you need assistance, contact our office to speak with a lawyer.
This series addressed several key topics, including:
- How a Court will apply Arkansas’ law to determine the equitable division of property
- Establishing whether assets and debts are marital or nonmarital
- How a property division may impact spousal support
- The importance of enforcing a final divorce decree
Individuals considering a divorce should understand how these issues may impact their case for several reasons. First, under Arkansas’ law, marital property and liabilities are divided equitably between spouses. It is important to understand that “equitably” does not necessarily mean a 50/50 split. Second, if an asset or debt is identified as nonmarital, it will remain with the original owner. Identifying which property is jointly owned can, in many cases, become complicated. Third, many residents are not aware that a Judge will consider how marital assets and debts have been divided between spouses when determining whether or not to award spousal support. Finally, enforcing the terms of a divorce decree in connection with property division issues can help protect the parties from long-term negative financial consequences. An experienced attorney can assist with legal enforcement actions if necessary.
If you are contemplating a divorce, contact our office to speak to a Little Rock divorce lawyer. Our attorneys can help you understand your legal rights. We also handle matters in Fayetteville, Fort Smith, Springdale, Jonesboro, North Little Rock, Conway, Rogers, Pine Bluff, and throughout the rest of Arkansas.