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Little Rock Family Law Blog

Will your spouse's affair affect asset division in your divorce?

Adultery is a common reason for seeking a divorce in Arkansas and elsewhere in the United States. It is devastating to learn that your spouse was not faithful during your marriage. Not only is there emotional damage, there's also a risk of contracting incurable diseases if you were still intimate with him or her during or after the affair. Leaving a cheating spouse and filing for divorce is a common response to learning of an affair.

You may find yourself wondering if this affair will impact the outcome of your divorce. You probably want to hold your spouse accountable for the violation of your trust and your marriage. It's only natural to wonder if adultery will alter the property division process as you divorce.

Yes, your divorce is going to affect your wealth

Divorcing when you are 65 is a lot different than divorcing when you are 35. For one, at 35 you might have young children and divorce means dealing with child custody and support issues. At 65, the kids are usually grown and starting their own families. Also, your list of assets is probably a lot longer than it was when you were still in your 30s. You have had an additional 30 years to build your wealth. Owning high-value assets often leads to a more complex divorce, since property division is typically one of the major sources of contention.

When it comes to a so-called "gray divorce," asset and debt division is extremely critical. If you make a wrong decision, you could end up with much less than you need to see you through retirement. Fortunately there is a whole range of people beyond your attorney that can help. Your accountant, your financial advisor and even your therapist can help you stay focused and make the correct decisions in terms of your divorce settlement.

How an Arkansas divorce can impact your retirement

In recent years, more and more people in their 50s or 60s have ended their marriages. These so-called gray divorces are evidence of shifting cultural attitudes about the purpose and necessity of marriage. They can help people lead fulfilling final chapters to their lives. However, they can also have a profound impact on the ability of people to retire as planned.

Retirement requires careful financial preparations and budgeting, as well as many years of savings. However, your planned retirement probably included you and your spouse maintaining one household while reaping the benefits of two retirements, pensions or Social Security checks every month. Once you divorce, the amount you've saved will have to cover two households. That can prove challenging for everyone involved.

Who keeps the house when you divorce in middle age?

Divorce looks very different depending on how long you've been married and what kind of assets you and your spouse amassed during your time together. Whereas a young couple with few assets between them may not find it difficult to reach a fair property division agreement, a couple who divorces later in life, such as their 50s, probably faces a significantly different situation.

Many couples who divorce in middle age find that they have a number of assets to divide, but doing so equitably is not always simple. Furthermore, when couples have remained married for some time, one spouse is significantly more likely to face a spousal support order.

What does Arkansas consider grounds for divorce?

Many states have adopted "no-fault" divorces. In these divorces, both parties agree that the marriage is not salvageable, but the courts consider neither party to be responsible for the dissolution of the union. This allows for couples to quickly divorce without proving someone did something wrong. Even in cases of adultery and physical abuse, many people still choose no-fault divorces because it is faster to divorce when you don't have to prove to the courts why you should be allowed to divorce. Unfortunately for those living in Arkansas, the state does not currently allow for no-fault divorces.

Some couples who meet the criteria for divorce on legal grounds may also meet the criteria for an annulment, which is where the marriage isn't just undone, it gets declared legally invalid from the start. An annulment will only get granted if you and your spouse don't share children and there was an issue with your union, including undue influence, threats or even intentional misrepresentation by your spouse.

Is it possible to protect your assets from a divorce?

When you are thinking about marriage, it is only natural to think about divorce as well. Some people take steps to protect their assets before they get married by creating prenuptial agreements. Other couples create postnuptial agreements after they get married in order to protect their interests. Others, however, are creating financial trusts.

If you are considering divorce, you may be worried about what will happen to the assets you have spent years building. Will the financial trust you created be enough to protect your property? Is there any sure way you can protect the wealth you have worked so hard to accumulate? A divorce attorney in the North Little Rock area can help you take the necessary steps to protect your assets. Read further to find out more about how a trust is affected by divorce.

7 things you can do to make child custody modification easier

Child custody modification is beneficial for your child in most cases. The process might be rather stressful because you know your child's future is at stake. Consider taking these steps to prepare you for the mediation process.

Who gets what: Asset division in Arkansas divorces

Asset division is often one of the most hotly contested aspects of a divorce agreement. Each spouse may feel like he or she deserves a specific asset, such as the marital home. Even if both parties are trying to work together, small disagreements can quickly cause problems when deciding on how to divide the marital assets.

Working with an experienced divorce attorney is one of the best ways to protect your interests during a divorce. An attorney can be critical to your future, particularly if there isn't an existing agreement about division of your marital assets.

Which retirement assets should be used first?

For many Americans, one of the most present issues throughout their adult lives is amassing retirement assets. Once we leave the workforce, we can usually only rely on the resources we have saved for ourselves and our loved ones. That being said, many people spend much more time thinking about gathering assets than thinking about how they should spend them.

Most retirement plans involve multiple types of accounts and holdings and all of these come together to create the whole of our retirement assets. However, not all holdings are equal. Some are taxed more than others, so if you create a plan for sequencing the use of these assets you can maximize your resources. The question then becomes: Which assets should be used first?

What is different about a military divorce?

Most regular divorce proceedings are complicated affairs, but if a military couple decides to dissolve their marriage they must consider additional state and federal laws as they go about the process. These specific laws determine how either party can go about filing for a divorce and they determine how the process will progress.

It is not uncommon for military employees to move around the nation and the world. Because of this, you must make sure that you are familiar with the laws of the state in which the divorce is filed. Military divorces are subject to both state and federal laws, so your first consideration will be divorce requirements particular to that state. After that, you must consider whether or not the military service member involved is currently protected under the Serviemembers Civil Relief Act (SCRA).

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