VICKIE LYNN COCHRAN attorney at law
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Dividing real estate during an Arkansas divorce

There are so many uncertainties in any divorce, especially when it comes to dividing your assets and debts. The more possessions and assets you have, the more complicated and unpredictable the process may become. You may find yourself wondering about certain assets, particularly the most valuable ones. Many times, that includes your retirement account and any real estate you own.

Worry about the family home is natural, but for many people, that's far from the only real estate acquired during marriage. People often buy vacation homes, investment properties for rental income or even land to hold for sale in the future when property values go up. Knowing how the courts often handle these assets can give you an idea of the most likely potential outcomes.

Arkansas seeks equitable distribution of your marital assets

When you get divorced in Arkansas, the courts do everything in their power to divide your marital assets equitably. Equitable distribution means fair, not equal, and the courts will consider and account for many factors when determining how much of the marital assets to allocate to each individual spouse.

In some divorces, the courts will divide a couple's interest in each significant asset. Other times, they allocate items of similar overall value to each spouse, leaving certain assets to each spouse. Whichever way they approach the process will impact what happens with your real estate holdings.

The courts could order the sale of some real estate holdings

Vacation homes and cabins are common assets that may be worth more sold than refinanced in a divorce. This is especially true if neither spouse wants the property or if there isn't much equity in the home. Selling the properties could be the fastest and simplest way to resolve disputes about who keeps the property as well, in cases where both spouses want the asset.

If the spouses were business partners in a rental business, selling the properties may be the best approach. That way each spouse can have start up capital for future investing without a business tie to their ex.

One spouse may get to retain certain assets in a divorce

If one spouse will retain the home, then he or she may need to refinance the property. Doing so will allow for the other spouse to receive a fair share of the equity in the home. Other times, if there are additional sizable assets, the courts may allocate a share of those assets equal to the appropriate amount of equity or value in the cabin or real estate property.

For spouses who have many properties, it may also be possible for each spouse to receive certain assets without refinancing or selling any of them.

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