Arkansas divorce laws require the equitable division of assets between spouses. Regardless of whose name is on the asset, any asset acquired during the marriage or otherwise co-mingled during the marriage is eligible for equitable distribution.
Few people realize the extent of marital property and experience shock when their non-tangible assets become a part of the settlement.
Assets for division
While many assume the car, house or other high-value assets are eligible for division, it is the non-tangible assets that many spouses often fight for during a divorce. These include investment accounts, retirement funds and bank accounts. Even if one spouse earned the funds deposited into a retirement account or other financial benefit, Arkansas law requires a 50/50 split between the spouses. This turns into a complex situation.
Types of accounts you could lose in a divorce include:
- Stock options
- Pension accounts
- 401(k) or IRA accounts
- Profit-sharing benefits
- Military or government retirement plans
A qualified domestic relations order handles how the division of these accounts occurred.
Protection for your assets
While people do not typically consider divorce when entering a marriage, considering the possibility could help you protect your assets if a divorce occurs. A prenuptial agreement can secure your financial well-being and keep your retirement funds safe. The court will only recognize a valid agreement where both parties voluntarily executed the agreement, knew the finances of the other spouse and received full disclosure concerning the property and financial obligations.
Unless you made prior arrangements, your assets are eligible for an equal split during a divorce. This includes money made through investments or retirement savings.