Mississippi Property Division Attorney
Division of Assets & Debts
When a divorce is granted, the court is granted power to make decisions regarding the equitable division of marital assets and debts and to award alimony. The couple’s assets and debts are classified as marital or non-marital and the division is based on several factors. This determination is fact dependent and differs from one case to the next. John Robert White, PA offers legal guidance regarding property division from a Mississippi divorce attorney with decades of experience.
Confused about property division in Mississippi? Call (601) 675-4308 for your initial consultation.
Division of Marital Property
Property that is brought into the marriage by a party or inherited may qualify as non-marital property and not subject to distribution unless it has been commingled or used for familial purposes. Marital property is defined as assets, real, and personal property acquired during the marriage from the efforts of one or both of the parties.
Marital property may include:
- Checking and savings accounts
- Retirement accounts
This property is subject to equitable distribution. Marital property is divided based, in part, on each party’s non-marital property. If equitably divided marital assets are adequate to provide for both parties, alimony is not awarded. When the division of marital assets leaves a deficit for one party, alimony may be awarded.
After the property has been classified as marital or non-marital, the court will divide and distribute the property. Equitable division is not necessarily equal. Specific guidelines are used to equitably divide marital property.
The court may consider factors, such as:
- Direct or indirect economic contribution to the acquisition of marital assets
- Contribution to the education, training or other accomplishments of the other spouse
- Contributions to the stability of the household such as through child care our household duties
- How each spouse has used the assets of the marriage during the marriage
- The fair market value and the emotional value of certain property
- The value of separate property
- Any taxes or economic consequences from the distribution of assets
- How the distribution can work to reduce future friction of the divorced couple
- The needs of both spouses for financial security
Because there are many factors considered in determining marital property and property division, it is important to seek legal advice. A Mississippi divorce lawyer can provide an honest evaluation of your situation and explain the legal options that are available to you.
Request a consultation with a Mississippi divorce attorney by calling (601) 675-4308.