If you are considering or already starting the process of bringing your marriage to an end, you probably have some questions and concerns regarding certain aspects of the divorce proceedings. The division of marital property, which often involves many complex matters and contention between spouses, probably ranks at or toward the top of your list. Fortunately, by taking a proactive approach along with proper due diligence, you can increase the odds of ultimately receiving all the marital assets to which you have a right.
The state of Arkansas is an equitable distribution state in which a court will divide all of your qualifying marital property in what it deems a fair manner. Since this doesn’t necessarily mean an equal split, the potential exists for a wide variance in the amount each spouse can receive for certain items. Especially if you’re involved in a high-asset divorce, ensuring that all eligible property is included in the proceedings can be critical to your future best interests.
Specific assets that can make a drastic impact on your divorce settlement
Anything acquired by you or your soon-to-be ex-spouse before you were married is typically classified as separate property and not eligible for division. Contrarily, assets acquired during your marriage will most often become subject to the division of property. Ensuring accurate valuations and financial details for any of the following that are involved with your unique case can make a substantial difference in your ultimate share of the marital property:
- Retirement accounts, including 401(k)s: IRAs and other personal accounts, along with company retirement plans, are usually subject to division. Completing a Qualified Domestic Relations Order (QDRO) could be required when splitting certain retirement plans.
- Real estate properties: Before a court decides how to most fairly divide any form of real estate that qualifies as part of the marital property, a professional valuation appraisal may be necessary.
- Business ownership: Whether the business was established before or during your marriage and how much involvement you and your soon-to-be ex-spouse each had with its operations will be taken into consideration by the court when determining its eligibility for the division of assets.
With so much at stake and so many potential complexities involved regarding the division of marital property, you may justifiably be feeling a bit overwhelmed. Thankfully, there are professional resources readily available to you during these challenging times. An experienced Arkansas family law attorney can answer all of your questions, carefully guide you through every step of the divorce process and increase your odds of ultimately receiving the best divorce settlement possible.