The bill amends Arkansas law regarding the division of property in divorce proceedings, specifically addressing how property accumulated in interest-bearing accounts is classified. It establishes that any property that accumulates in an interest-bearing account owned solely by one spouse after the initiation of a divorce proceeding will be considered separate property. This change aims to clarify the treatment of such assets during divorce settlements.

In the revised legal language, the bill adds a new provision to the definition of "marital property," which now includes a specific exclusion for property that accumulates in an interest-bearing account after a divorce complaint is filed. This addition is significant as it alters the previous understanding of what constitutes marital property, ensuring that any growth in these accounts post-filing is not subject to division between the spouses. The bill also removes a clause related to income from property owned prior to marriage, streamlining the definition of separate property.

Statutes affected:
HB 1701: 9-12-315(b)