What Is Your Property?
If you are going through a divorce, dividing your lives and your possessions and assets can be a struggle. At my firm, Robert W. Davis, Jr., Attorney at Law, I take the reins of your divorce proceedings and build a case to get you the best possible outcome in your property division. Despite the circumstances of your marriage, whether you stayed at home or worked full time, you have a right to a portion of the property accumulated in your divorce.
What Can I Take, What Can I Keep?
A home is usually the central element of any property division dispute. Home does not mean simply the building and the raw numbers of the property values. There is all the memory and accumulated life inside it. How does a person, any person divide that?
There are guidelines that judges follow, but the determination is largely left to how a judge rules. Since Mississippi law divides marital property using an equitable standard, rather than 50-50, there is a lot of leeway. The judge may consider, among other things:
- What each party brought into the marriage
- How much each party contributed after the marriage
- The needs of each party once the marriage ends
Division Of Marital Property FAQs
As a family law attorney practicing in Tupelo for over 15 years, I have guided hundreds of clients through property division during divorce. These questions come up in nearly every case I handle and getting accurate answers is crucial to protecting your financial future.
What constitutes marital property in Mississippi?
In Mississippi, marital property includes all assets and debts accumulated during the marriage, regardless of whose name is on the title. This encompasses income, real estate, personal property and financial accounts acquired after the wedding. Nonmarital property, such as assets owned before marriage or received individually as gifts or inheritances, is generally excluded from division.
According to the equitable distribution principle, property is divided fairly but not necessarily equally. The court considers the length of the marriage, each spouse’s economic contributions and future financial needs.
Can I keep my inheritance separate from marital property?
Yes, one spouse’s inheritance is typically considered separate property in Mississippi. However, if the inheritance is commingled with marital assets – such as depositing inherited funds into a joint account or using them for joint expenses – it may be deemed marital property and subject to division. To maintain its separate status, it is crucial to keep inherited assets distinct from marital assets.
What should I do if I suspect my spouse is hiding assets during our divorce?
If you believe your spouse is concealing assets, you should:
- Document everything: Keep detailed records of all financial transactions and assets
- Legal discovery: Utilize legal processes to compel your spouse to disclose financial information
- Consult professionals: Consider hiring a forensic accountant to uncover hidden assets
Mississippi courts take asset concealment seriously, and such actions can influence court decisions regarding property division.
What role does a prenuptial agreement play in the division of marital property?
A prenuptial agreement outlines how assets and debts will be divided in the event of a divorce. In Mississippi, these agreements are generally enforceable if they meet the following specific criteria:
- Voluntary execution: Both parties must have signed the agreement willingly.
- Full disclosure: There must have been complete transparency regarding each party’s financial situation at the time of signing.
- Fair and reasonable terms: The agreement should not be unconscionable or grossly unfair.
It is important to note that Mississippi has not adopted the Uniform Premarital Agreement Act (UPAA), so state law and court interpretations determine the enforceability of prenuptial agreements.
Helping You Move On
As a divorce lawyer with more than 25 years of experience, you can trust in me to work in your best interests to get you the necessary outcomes so that you can continue with your life. I will work hard to provide confident, vigorous advocacy for you. Contact my Tupelo, Mississippi, office by calling 662-269-4454. You may also email us through my online form.