Going through a divorce can be an intricate and overwhelming journey, especially when it involves shared property. If you find yourself in the situation of seeking a divorce in Arkansas while also owning property in another state, you may be wondering about the implications and if it is possible to navigate the divorce proceedings without impacting your out-of-state property. Keep reading to unravel this complex web.
Unpacking the Fundamentals of Divorce in Arkansas
In the state of Arkansas, divorce is legally referred to as a "dissolution of marriage." To initiate a dissolution of marriage in Arkansas, you or your spouse must have resided in the state for a minimum of 60 days prior to filing. Notably, Arkansas is a "no-fault" divorce state, meaning neither party needs to substantiate fault or misconduct to obtain a divorce.
Property Ownership and Its Role in Divorce
Within the context of divorce in Arkansas, property acquired during the course of the marriage is generally considered marital property, making it subject to division during the divorce process. However, certain exceptions exist. Property obtained prior to the marriage or received as a gift or inheritance during the marriage might be categorized as separate property, potentially exempting it from division.
The Intricacies of Out-of-State Property
If you and your spouse possess property in a different state, that property will likely still fall under the purview of the divorce proceedings in Arkansas. Arkansas courts can assert jurisdiction over both parties and the out-of-state property, granted that at least one party is a resident of Arkansas.
Striving for Equitable Distribution
Under Arkansas law, marital property must be divided in a fair and equitable manner. "Equitable" does not necessarily equate to an equal 50/50 split, but is instead based on the unique circumstances of each case. Factors taken into consideration during the property division process encompass the income and future earning potential of each spouse, the duration of the marriage, each spouse’s contributions to the marriage, and any other relevant aspects.
Crafting Property Division Agreements
In situations where divorcing parties can reach an agreement regarding property division, including out-of-state property, the court generally approves the agreement, provided it is deemed fair and equitable.
Concluding Remarks
In summary, if you and your spouse possess property in another state and you are pursuing a divorce in Arkansas, that out-of-state property will likely be subject to division. Nevertheless, with the guidance of a knowledgeable divorce attorney, it is possible to negotiate an agreement that takes into account your shared property, resulting in a just and equitable distribution of assets.