Mississippi judges take several factors into account when dividing marital property. It is crucial to know these factors and your legal rights before entering into any marital property division negotiation or dispute. It is also vital to partner with a property division attorney who can professionally represent you and your property division interests and goals. Speak with Haug, Farrar & Franco, PLLC’s Mississippi property division attorneys today by calling (228) 872-8752.
At Haug, Farrar & Franco, PLLC, our property division attorneys will work tirelessly to achieve the best possible results in your property division case. Our attorneys are:
Experienced in all areas of property and asset division law.
Let Our Experienced Mississippi Property Division Attorneys Help You
Before making any decisions regarding property division in your divorce, contact the experienced property division attorneys at Haug, Farrar & Franco, PLLC. Our property division attorneys can help you do the following, and more:
Understand how marital assets are valued;
Learn strategies for dividing marital assets outside of the courtroom; and
Use alternative dispute resolution processes to divide your assets rather than allow the court to do so of their own volition.
Our attorneys can also discuss the division of marital debts, alimony, child custody, and support, or any other divorce issue with you at your first appointment. Let our property division attorneys advise you of your best legal options while protecting your interests and ensuring you receive your just share of the marital property.
Determining Property Type
There are two types of property within a marriage: marital property and separate property. Marital property is all of the property a couple accumulates during their marriage. Separate property is property one spouse brings into the marriage or acquires by gift or inheritance.
Generally, separate property is excluded from any marital property division. However, the property sometimes gets commingled or mixed together, making it difficult to determine whether that property is marital or separate. If spouses cannot agree on the division or are unable to settle their own property disputes, the judge will decide on their behalf.
Prenuptial agreements may make property division easier when they specify which property is separate versus marital.
Assessing the Value of Marital Property
Once a property is determined to be marital, a dollar amount is assigned to that property. For some assets, specialists and professional appraisers need to be retained for an assessment. Retirement accounts often require a C.P.A. or actuary to value correctly.
Dividing Marital Property
Spouses typically divide assets in one of three ways. These are as follows:
Selling the property and dividing the proceeds;
Owning the property together; or
Trading an equivalent asset for the property.
Though most couples do not choose to own property together, they may keep the marital home or investment property for rearing children or in the hopes of selling later at a profit.
Courts look to a list of factors when dividing marital property, including, but not limited to:
Each spouse’s contributions to the accumulation of marital property;
Either spouse’s waste or disposal of marital property;
Both the market value and the emotional value of the property to be divided;
The value of each spouse’s separate property; and
Each spouse’s overall need for financial security.
There may be tax ramifications to a couple’s or the court’s property division. It is wise to speak with a seasoned property division attorney at Haug, Farrar & Franco, PLLC about your taxes prior to making any property division arrangements with your spouse.
Contact a Mississippi Property Division Lawyer
At Haug, Farrar & Franco, PLLC, we help clients assert their rights and interests in marital property. Whether your case is resolved in trial, settlement, or mediation, we will strive to ensure any marital assets are protected and distributed fairly. Contact us today to schedule your free case consultation.