Couples in Mississippi facing divorce have many issues to work through. Of course, emotionally, they are dealing with the end of their marriage and trying to figure out how they will move on. But, there are also many legal issues they will grapple with during this time. One of these issues is property division.
Under Mississippi law, property in a divorce is subject to equitable distribution. This means the property is split in a way that the court deems fair, but each spouse may not receive exactly 50 percent of the property.
Moreover, it is important to separate marital property from separate property. Marital property is subject to property division, while separate property will go to the spouse who owned it prior to the marriage. There are instances where there is a marital interest in certain types of assets that appreciate in value, while the couple is married. This is especially true in a high-asset divorce.
When going through property division in a high-asset divorce, there are numerous issues that will arise. First of all, if one or both spouses owned a business, it will be valued, as will both the marital home and any other real estate the couple owns, such as a vacation home.
In addition, high-asset couples may have multiple investments, valuable retirement accounts and other perks, such as deferred compensation that must be dealt with. And, of course, high-asset couples often own a great deal of valuable tangible property, such as jewelry, automobiles and artwork. Property division also entails dividing any loans or jointly owned debts.
With all of this in mind, individuals in Mississippi going through a divorce, whether it is a high-asset one or otherwise, may want to seek legal help. Property division, just like other divorce legal issues, involves trade-offs or making concessions.
It is important to have your interests represented, so a fair and appropriate outcome can be reached. To learn more about property division in Mississippi, the following overview by the legal team at Maggio Law Firm, PC, may be of help.