One of the most complicated aspects of ending a marriage is deciding how to address jointly owned assets and debt. Mississippi couples facing divorce are often at odds regarding how they want to share financial responsibility for debts one or both of them owe. Additionally, each party will want to ensure he or she gets a fair share of all marital property.
Addressing a complex issue
The division of marital property is a complex matter. Each spouse has a rightful claim to an equitable share of all property, money and assets accumulated over the course of the marriage. Separately owned assets, which includes property owned before the marriage, are not eligible for division between the spouses except in very limited circumstances.
Many couples marry with one or both spouses carrying student loan debt. During the marriage, both spouses may contribute funds for payments, but they may wonder who is actually responsible for this debt after a divorce. Typically, responsibility for the debt is determined by the name on the loan or on the basis of whether the debt was accumulated during marriage.
A fair outcome
A Mississippi spouse has the right to fight for a fair outcome after his or her divorce. When negotiating terms on a financial settlement, it will be beneficial to consider the long-term implications of these choices. It may be helpful to speak with an experienced family law attorney in order to understand the laws and other factors that may affect the division of marital property and debt.