When people in Arkansas get married, they often envision their marriage lasting forever. However, as most people understand, this is far from the reality. Every day people across the state of Arkansas choose to file for divorce.
During the divorce proceedings, people will be asked to split their property into two. Each spouse then takes the person’s share of marital property with them as they start a new life. However, only marital assets will be split during the property division proceedings.
You may be wondering, therefore, what constitutes marital property? According to Arkansas law, marital property includes property that has been acquired during the course of the marriage. Therefore, marital property could potentially include extensive amounts of property acquired by the couple. Specifically, marital property can include income earned by the couple, real property, gifts and other assets. Marital property can also include cash, retirement income, military pay and disability benefits.
However, marital property does not include inheritances, certain life insurance proceeds, certain gifts and other property that was given specifically to one spouse or the other. This property is separate property. It can, in some cases, become marital property if co-mingled.
It’s important for spouses to understand what is considered marital property and what is considered to be separate property. Separate property should go with the spouse that owns the property, according to Arkansas law. In these cases, people want to be able to define what type of property they own in order to equitably split assets during a divorce.