Is my income considered marital property?

Is my income considered marital property?

Whilst at law there is no such thing as marital property, it is a popular term to describe all earnings during the marriage and everything acquired with those earnings. Likewise, any debts accrued together are considered joint property debts.

What is considered marital property in Arkansas?

Most of the material goods and holdings (as well as debts and other liabilities) acquired during the course of a marriage are subject to division upon divorce. Everything that is not considered separate property (including that which was acquired before the marriage) is referred to as marital property.

How likely is spousal support in Arkansas?

The duration of payments is determined by a judge in Arkansas family court. Alimony length is usually based on length of marriage – one commonly used standard for alimony duration is that 1 year of alimony is paid every three years of marriage (however, this is not always the case in every state or with every judge).

Is Arkansas a spousal state?

Arkansas is an “equitable distribution” state when it comes to property division in the dissolution of a marriage. Parties to a divorce have the ability to personally divide their property by a signed settlement called a Marital Separation Agreement or a Property Settlement Agreement, which the judge must approve.

How much does a uncontested divorce cost in Arkansas?

If there is absolutely no contention between you and your spouse, an uncontested divorce will cost you nothing more than $100 to $200. The expense will cover the process of filing a complaint with the appropriate family court in your district.

Does it matter who files for divorce first in Arkansas?

In Arkansas, a petition must first be filed with the court in order to begin divorce proceedings. If the matter is uncontested, you and your spouse can reach a documented divorce agreement, where you and a witness of your choosing will appear in court to have the matter finalized.

Can you buy a house without your spouse in Arkansas?

In a common-law state, you can apply for a mortgage without your spouse. Your lender won’t be able to consider your spouse’s financial circumstances or credit while determining your eligibility. You can also put only your name on the title.

Should I put my wife’s name on the house title?

It’s not recommended that you add a partner to your property title to use the property as the collateral for a loan.

Is a spouse liable for mortgage debt?

You are not responsible for your partner’s debts just because of your relationship, whether you are married or not. However, you may have become liable for his or her debts because you signed a loan contract as a joint borrower or guarantor, or because you were a director of a family company or a partner in a business.

Do you split debt in divorce?

A court will generally take the position that debts accrued during the relationship, either jointly or individually, were for the mutual benefit of both parties with mutual knowledge or consent of the other party and therefore responsibility is shared by both parties.

Who pays mortgage during separation?

Most commonly, if you remain living in the home, you should pay the mortgage and expenses for the home, pending sale. Your ex-partner, who has moved out, may not be able to make their income stretch far enough to pay their own rent and living expenses as well as contribute to expenses for the marital home.

What happens to marital debt in divorce?

As part of the divorce judgment, the court divides the couple’s debts and assets, while deciding who is responsible for paying specific bills. Each state has its own laws for dividing debts and assets. Some states consider the assets and debts each spouse brought into the marriage.

How does credit card debt get split in divorce?

When you get a divorce, you are still responsible for any debt in your name. These states go by “community law,” which means that any property and debt accrued during a marriage are split between spouses after a divorce. That includes credit card debt—even credit card debt that is only in one spouse’s name.

Who pays credit card debt in divorce?

The best option is to cancel the card all together, if the company allows it. If your name is on the account, no matter who runs up the debt, you are also responsible.

Should I pay off credit cards before divorce?

If you have any joint debt with your spouse and you can afford to, we highly recommend paying off all marital debt, even before you draw up the divorce papers. For example, if you have $5,000 in joint credit card debt, pay it off before the divorce is finalized.