It is quite common for those facing divorce to feel anxious about the future. After years of sharing resources to enjoy a higher standard of living, a major adjustment may be necessary during and after a divorce. Economic uncertainty is one of the factors that can leave people feeling trapped in unsatisfying marital relationships. Sometimes, spouses stay in unhappy or even abusive marriages because they have incorrect ideas about what may happen to their property if they divorce. The idea that the courts could provide everything owned by the couple in half could make people very anxious about their finances.
Is a 50/50 division of marital debt and property the standard outcome in an Arkansas divorce?
Couples can take control
The first thing those considering divorce need to understand is that state statutes do not always decide what happens. Spouses pursuing divorce have the option of filing for uncontested proceedings. They set their own terms through mutual agreement and simply ask the courts to finalize the divorce.
A judge reviews the terms proposed by the spouses and converts them to an enforceable court order. Uncontested divorce proceedings are the goal for many couples. People may spend months negotiating with their spouses in an effort to avoid litigated divorce. Spouses can potentially agree to any terms that they both feel are fair and reasonable.
An even split isn’t always appropriate
Arkansas is not a community property state. Instead, what the law requires is an equitable or fair property division arrangement. In cases where spouses pursue litigated or contested divorces, judges have to think carefully about the marriage. They look at numerous details to determine how they should allocate both marital debts and property.
The age of the spouses, the length of the marriage, the standard of living during the marriage and even custody arrangements for shared children can impact what a judge believes is appropriate when dividing marital property. Judges may start with a 50/50 split but can make numerous adjustments based on their perception of marital circumstances.
While a 50/50 split of marital property and debts is possible, most divorces feature a more customized asset division outcome. Those feeling anxious about the economic consequences of divorce may need help evaluating their marital estate and learning more about standard divorce proceedings, and that’s okay.
