Alice Luis Walton married a prominent Louisiana investment banker in 1974 at age 24, but they were divorced two and a half years later. According to Forbes, she married "the contractor who built her swimming pool" soon after, "but they, too, divorced quickly".

Walton has been involved in multiple automobile accidents, one of them fatal. She lost control of a rented Jeep during a 1983 Thanksgiving family reunion near Acapulco and plunged into a ravine, shattering her leg. She was airlifted out of Mexico and underwent more than two dozen surgeries; she suffers lingering pain from her injuries.[5] In April 1989, she struck and killed 50-year-old Oleta Hardin, who had stepped onto a road in Fayetteville, Arkansas.[5] In 1998, she hit a gas meter while driving under the influence of alcohol. She paid a $925 fine.[5][30]