Division Of Property And Equitable Distribution In Mississippi

What Is Equitable Distribution in Divorce Cases in Mississippi?

Equitable distribution means that marital assets are divided in a way that’s considered to be equitable, giving the same amount of resources to each spouse based on a number of factors. Equitable distribution does not mean that the division of property in your divorce will be equal or that the monetary amounts of property or finances will be the same. 

Mississippi is not a community property state. This is an important difference when it comes to the divorce division of property. In community property states, all of the divorcing spouses’ assets are divided without considering whether they were acquired during the marriage or not. In Mississippi, distribution only considers martial property in the divorce.

How Is Mississippi Divorce Division of Property Determined?

For determining the division of property, marriage is viewed as a partnership with both spouses contributing in the manner they decided on while married. The contributions of marital partners are considered equal value in the divorce proceedings, even if one spouse contributed a much higher amount of money to the marital property than the other.

When considering the distribution of property, the fairness and division are based on the equity of each spouse’s situation in and after the divorce.

Step 1: Classify Marital Property

The first step in deciding how property is distributed is to classify what is marital property. Marital property is any property acquired during your marriage or made to be marital property by joint contributions or by being put in a joint bank account. 

Separate properties are properties that are acquired before the marriage. Gifts and inheritances received during the marriage are generally considered separate property. Separate property isn’t subject to division in an equitable division state, but they are considered when deciding what’s equitable.

Step 2: Assess Marital Assets

After determining what assets are marital property, all marital assets will be assessed at fair market value. This helps determine what distribution is equitable based on how property is valued.

Step 3: Property Division

Once your marital assets have been assessed, the next step is for the property to be divided. A chancellor or chancery judge will review the marital assets and their market value and determine an equitable distribution.

Step 4: Determination of Alimony

In some cases, one spouse may be granted alimony to make the distribution more equitable. Because there are assets, like properties, that can’t be divided, alimony is sometimes used to make the division more equitable.

Marital fault in the divorce may be a minor factor for consideration in property division. It’s not that common for marital fault to play a role in the distribution of property.

Custody vs. Ownership of a Property

The difference between custody and ownership of a property is important when assets are divided, especially if you and your spouse share a home that is being divided. Dividing assets when a house is involved can be difficult.

A spouse can be granted custody or ownership of a marital property. This legal difference between these terms is very important. 

Having custody over a property means that one spouse possesses the property and has control over it but doesn’t own it on their own. In this scenario, your ex still partially owns the home and would be entitled to a portion of the proceeds if you decide to sell the property.

If you are granted ownership of the property, that means that you solely own the home and can do whatever you want with the property. This sort of division of property is less common in Mississippi.

Avoiding Court in Divorce Property Division

If you and your spouse can come to an agreement about how your assets should be divided outside of court, you can avoid going to court and having your assets divided for you. To use an agreement made outside of court, you both need to sign an agreement in front of a notary that a judge will then review and approve.

Deciding on property division outside of court can be difficult as you go through your divorce. An attorney can help you mediate this agreement to make it easier and less stressful for you, as well as make sure you’re getting what you need and want in the agreement.

Contact a Divorce Attorney

Going through a divorce can be difficult, especially when there are assets and property to be divided. The division of your assets can be one of the most stressful aspects of getting a divorce.

If you’re going through a divorce, working with a divorce attorney can be beneficial. A lawyer can help make the process easier for you and protect your interests as you go through your divorce.

Contact Campbell Law Firm today to learn more about how we may be able to help you through your divorce.