Acarin is generally known by her stage-name, Akarova. She was called "the Belgian Isadora Duncan". She studied music and dance under Émile Jaques-Dalcroze, creator of eurhythmics, after which she joined the Antwerp ballet. She soon left due to disputes with the ballet mistress.
In 1922, attending a meeting arranged by Isadora Duncan's brother Raymond, she met artist Marcel Baugniet, with whom she would collaborate for many years. They married on 31 October 1923, but separated in 1928. Baugniet coined Marguerite's stage name. In this period she danced, choreographed, and designed sets and costumes, in performances to works by composers such as Igor Stravinski and Maurice Ravel. Her second marriage, to artistic patron Louis Lievens, took place on 6 April 1935. This marriage too ended in a separation, in 1939.
Noted Brussels architect Jean-Jules Eggericx constructed a studio, performance venue, and home, for Akarova at number 72, Avenue de l'Hippodrome, Ixelles, in 1937. The venue opened on 30 January 1937 with performances by Akarova from Francis Poulenc's Les Biches, Ravel's Boléro, and Stravinsky's The Rite of Spring. Performances at the Avenue de l'Hippodrome ended in 1957. After the closure, Akarova devoted her time to painting and sculpture. She died at home in 1999.
She is the subject of the 1990 TV documentary J'aurais aimé vous voir danser, Madame Akarova, which features interviews with her.