If you’ve spent most of your adult life managing the home and caring for your family, facing divorce later in life can feel overwhelming. You might wonder how you’ll make ends meet, where you’ll live or whether retirement is still possible.
The good news is that you have legal rights, and the non-financial contributions you made to the marriage matter. Here’s what you should know.
Arkansas law provides for equitable division of marital assets
Equitable division doesn’t always mean a 50/50 split; it means a fair one. Therefore, if your spouse earned most or all of the income during the marriage, it doesn’t mean you’re left with nothing. Property and retirement accounts acquired during the marriage are also up for division, even if your name isn’t on them.
You may be entitled to spousal support
The court may award alimony if you’ve been financially dependent on your spouse. Judges consider several factors when determining the amount and duration of spousal support, including the length of the marriage, your age and health, your ability to earn income and your standard of living during the marriage. It can help you get back on your feet as you figure things out.
Make decisions in your best interests
You may want to keep the family home, but can you afford expenses like upkeep, taxes and insurance? If not, you may be better off selling the house and splitting the proceeds or exchanging it for other assets. Think carefully about what makes the most financial sense for your future.
Should you have any questions or concerns or need clarification on certain aspects of the divorce, do not hesitate to seek legal guidance. Talking to someone conversant with family law in Arkansas can help you feel more in control of the next chapter of your life.