Central Arkansas & Saline County Law Firm Fights For Fair Division Of Assets In Your Divorce
Benton divorce lawyers protect your interests
Couples often don’t realize how much property they have accumulated until they try to divide it during divorce. Deciding how to value and divide your property can often be a difficult process. At Huffman Butler, PLLC we have more than 20 years of combined experience guiding clients through difficult family law matters, including divorce.
What is marital property?
If the two sides are unable reach an agreement on how to divide their property in a divorce, the court may intervene. However, the court only has the authority to divide marital property. Generally, all property acquired by either spouse after the marriage is considered “marital property.” It may include your vehicles, furniture, retirement accounts and even pets.
Marital property does not include separate property, property owned prior to the marriage, gifts, inheritances and certain workers’ compensation and social security benefits. At Huffman Butler, PLLC we often find that these exceptions are not often clear-cut since many couples commingle their assets, particularly separate banks accounts and retirement savings, during a marriage.
How is marital property divided?
In Arkansas, the court makes an “equitable distribution of the property.” This means that all marital property is distributed one-half to each party unless the court finds such a division to be inequitable. When property is divided other than 50-50, the court must state its basis and reasons for not dividing the marital property equally between the two parties. Factors the court may consider include:
- The length of the marriage
- Age, health and station in life of the parties
- Occupation of the parties, amount and sources of income, vocational skills and employability
- Estate, liabilities and needs of each party and the opportunity of each for further acquisition of capital assets and income
- Contribution of each party in acquisition, preservation or appreciation of marital property, including services as a homemaker
- The federal income tax consequences of the court’s division of property
How can attorneys help?
In many divorce cases, these factors become hotly contested and require the help of a divorce lawyer in Benton. At Huffman Butler, PLLC we are committed to achieving a mutually supportive, win-win outcome for you and your spouse. Therefore, we always try to negotiate a property settlement that everyone can live with but that also protects your best interests. Sometimes, divorce cases still end up in court. When this happens, we zealously fight on your behalf to achieve the best possible outcome.
Bryant and Benton, AR family law attorneys look out for you
At Huffman Butler, PLLC we strive to develop personal relationships with our clients. Our divorce lawyers listen thoughtfully to your concerns and respond to your questions quickly and completely. For a free initial consultation, call 501-315-5297 or book an appointment on our online scheduler.