Couples who own significant assets have a more complicated process if they decide to divorce. The equitable division of homes, money, investments and other items of value can be difficult.
Therefore, it is important for couples to know before they begin their divorce what property division in Mississippi looks like and how it affects them.
Marital property in Mississippi
Marital property is how the government defines assets acquired by a couple during their marriage. It doesn’t matter if you acquired the property with individual funds – if it was acquired during the marriage, it’s marital property. However, anything you acquired before the marriage is yours.
In the United States, a state can be defined as a community property state, which determines that marital property is equally owned by both parties and thus equally divided after a divorce. Mississippi is a marital property state that doesn’t recognize community property, so it works a little differently. Marital property is divided “fairly,” which in many cases means half and half but could sometimes mean an uneven split.
Room for exceptions?
Additionally, in states like Mississippi, there are some exceptions to what is considered marital property. These would include inheritances, gifts or even 401Ks.
However, the person who owns that property usually needs proof that it is theirs. For instance, if you deposited an inheritance into a joint account, you may not be able to divide it separately unless you have some record of the transaction.
If you have property you believe should not be part of the marital property, a divorce attorney can work with you to establish proof that it is applicable for an exception. Whatever way the property is divided, Mississippi laws allow couples to find a fair way to agree on how to split their shared assets and live a comfortable life after divorce.