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AR HB1701

Bill

Official Source

Status

Failed

5/1/2023

Primary Sponsor

Richard Womack

Click for details

Origin

House of Representatives

94th General Assembly (2023 Regular)

AI Summary

  • Amends Arkansas Code § 9-12-315(b) to add a new category (8) of separate property in divorce proceedings
  • Designates property accumulating after a divorce complaint is filed in interest-bearing accounts owned by one spouse as separate property
  • Applies specifically to accounts that were in the name of only one spouse before either spouse filed for divorce
  • Includes pension funds, retirement accounts, and investment accounts in the definition of separate property when accumulation occurs after complaint filing
  • Excludes post-complaint account accumulation from marital property division between divorcing spouses

Legislative Description

To Amend The Law Concerning Division Of Property To Provide That Property That Accumulates In An Interest-bearing Account Owned By One Party After The Initiation Of A Divorce Proceeding Is Considered Separate Property.

Last Action

Died in House Committee at Sine Die Adjournment

5/1/2023

Committee Referrals

Judiciary3/27/2023

Full Bill Text

No bill text available