Divorce is tough, and deciding who keeps the house can feel even tougher. If you’re going through a split in Arkansas, understanding how the law treats your home can make a big difference. This guide breaks down what happens to the house in an Arkansas divorce, what factors the courts consider, and what options you have if you want to move on quickly.
How Arkansas Treats Property in Divorce
Arkansas is an “equitable distribution” state when it comes to dividing property during a divorce. That means the court aims to divide assets fairly, though not necessarily equally. The house is often the biggest asset, so it gets special attention.
Unlike community property states, where everything is split 50/50, Arkansas courts look at several factors to decide who should get the house or how its value should be divided. Both spouses’ contributions, the length of the marriage, and the financial situation of each party come into play.
Marital vs. Separate Property
First, the court determines if the house is marital property or separate property. Marital property includes assets acquired during the marriage, regardless of whose name is on the title. Separate property is what one spouse owned before the marriage or received as a gift or inheritance.
If the house was bought before the marriage and kept separate, it might be considered separate property. But if the mortgage was paid down during the marriage or improvements were made using marital funds, the house could be treated as marital property.
Who Gets the House in an Arkansas Divorce?
There’s no one-size-fits-all answer. The court tries to be fair based on the situation. Here are some common outcomes:
One Spouse Keeps the House
Sometimes, one spouse stays in the house, especially if children are involved. Courts often prefer to keep kids in a stable environment, so the parent with primary custody might be awarded the home. That parent may need to buy out the other spouse’s share of the equity.
This option works if the spouse keeping the house can afford the mortgage and upkeep on their own. Otherwise, selling the house might be necessary.
The House Is Sold and Proceeds Divided
If neither spouse can afford the house alone or if both want a clean break, selling the house is common. The proceeds after paying off the mortgage and any liens are split according to the court’s equitable distribution decision.
Dividing the proceeds can help both parties move forward financially, especially if the house needs repairs or the market is favorable for sellers.
One Spouse Buys Out the Other
In some cases, one spouse may buy out the other’s interest in the home. This requires refinancing the mortgage to remove the other party’s name and pay them their share. It’s a good option if one spouse wants to keep the house and can afford the payments alone.
What If You Need to Sell Fast? Arkansas Property Buyers Can Help
Divorces often come with tight timelines and financial pressure. If you find yourself needing to sell your house quickly in Arkansas, traditional real estate sales can be a hassle. That’s where Arkansas Property Buyers steps in.
They buy houses in any condition, as-is, for cash. This means no repairs, no staging, and no waiting for bank approvals. You can get a fair offer within 24 hours and close in as little as 3 days, giving you control over the closing date.
Whether the house has damage, tenants, or title issues, Arkansas Property Buyers can simplify the process. This can be a relief if you want to avoid the stress of listing the property during a divorce.
Factors Courts Consider When Dividing the House
Arkansas courts weigh several factors when deciding who gets the house or how it should be divided. These include:
- Financial contributions: Who paid the mortgage, taxes, and maintenance during the marriage?
- Non-financial contributions: Did one spouse manage the household or care for children, allowing the other to earn income?
- Length of the marriage: Longer marriages often lead to a more equal division of assets.
- Needs of the children: Stability for children can influence who keeps the home.
- Future earning capacity: The court may consider each spouse’s ability to maintain the home going forward.
Because each divorce is unique, it’s important to consult an attorney who understands Arkansas family law to protect your interests.
Options for Homeowners Facing Divorce in Arkansas
Divorce can leave you wondering what to do with the house. Here are some practical options:
Keep the House
If you want to keep the home, be prepared to refinance the mortgage in your name alone and buy out your spouse’s share. Make sure you can afford the payments and upkeep on your own.
Sell the House
Selling the house can provide a clean break and split the equity fairly. You can list it traditionally or sell to a cash buyer like Arkansas Property Buyers, who can close quickly and buy as-is.
Rent the House
Sometimes, divorcing couples decide to rent out the home and split the income until they can sell later. This requires cooperation and clear agreements on management and expenses.
Use a Professional Buyer for Speed and Convenience
If you want to avoid the hassle of repairs, showings, and waiting for buyers, consider Arkansas Property Buyers. They specialize in buying homes fast for cash in the Little Rock area and surrounding cities.
They handle properties in any condition, pay closing costs, and let you pick the closing date. This can be especially helpful if you’re dealing with time-sensitive divorce issues or financial distress.
What Happens If You Can’t Agree on the House?
If you and your spouse can’t agree on who keeps the house or how to divide it, the court will decide for you. This can add stress and uncertainty during an already difficult time.
Working with a mediator or attorney can help you reach an agreement without going to trial. If selling the house is the best option, Arkansas Property Buyers offers a straightforward way to sell quickly and avoid drawn-out negotiations.
Frequently Asked Questions
Can I stay in the house during the divorce process?
Yes, but it depends on your situation and court orders. If children are involved, the parent with primary custody often stays in the home until the divorce is finalized.
What if the house has a mortgage in both names?
Both spouses are responsible for the mortgage until it’s refinanced or the house is sold. If one spouse keeps the house, they usually refinance to remove the other from the loan.
How is the house value determined in a divorce?
The court may order an appraisal to determine the fair market value. This helps in dividing equity fairly between spouses.
Can I sell the house without my spouse’s permission?
Generally, no. Both spouses must agree to sell the marital home unless a court orders otherwise.
What if the house needs repairs or has liens?
These issues can complicate selling the house. Arkansas Property Buyers buy homes as-is, handling these problems so you don’t have to.
How quickly can I sell my house to Arkansas Property Buyers?
They typically make an offer within 24 hours and can close in as little as 3 days, depending on your needs.
Are there fees or commissions when selling to Arkansas Property Buyers?
No. They pay all closing costs, and there are no commissions, making the process simple and transparent.
Divorce is challenging, but knowing your options for the family home can ease the burden. Whether you want to keep the house, sell it traditionally, or sell fast for cash, understanding Arkansas property rules helps you make the best choice. If speed and convenience matter, consider reaching out to Arkansas Property Buyers to see how they can help you move forward.
Ready to Move On? Get Your Fair Cash Offer Today
At Arkansas Property Buyers, we understand the challenges of divorce and the urgency to resolve property matters quickly and fairly. If you’re looking to sell your home in Little Rock or the surrounding areas without the stress of traditional home selling, we’re here to help. Our team is committed to providing you with a fast, fair, and hassle-free cash offer for your property, usually within 24 hours. No repairs, no commissions, no fees, just a straightforward solution to help you move forward. Get Your Fair Cash Offer now and let us help you lift the burden of an unwanted property.