Getting a Mississippi divorce brings with it a whole host of emotions. Of course, there may be sadness that the marriage is ending, but there may also be anger, resentment and anxiety about what the future will bring. When these emotions get the best of a person, it can make the divorce process particularly contentious, particularly when it comes to property division. After all, each spouse wants to walk away from the process feeling, like they got their fair share. To further complicate matters, some types of assets cannot simply be split in half, and some types of assets are exempt from divorce.
In Mississippi, when a couple divides their property during a divorce, it is done via equitable distribution. This means that while the division of property must be fair, it need not be an even 50-50 split. Moreover, some types of property, such as an inheritance, or perhaps, a home purchased by one spouse, only prior to the marriage, are considered separate property, belonging to one spouse only.
There are a variety of issues that need to be addressed via the division of assets, particularly in a high asset divorce. The assets that need to be divided include more than collections, automobiles, electronics, jewelry and furniture. They include real estate, businesses, retirement accounts and financial investments. Sometimes, a spouse will unlawfully try to hide assets in a secret account, to keep that asset from being part of the property division process.
It takes a skilled attorney to negotiate the property division process. Such negotiations often involve trade-offs and concessions must be made. But, if the couple can negotiate a settlement out-of-court, it could end up saving them time, money and further acrimony. Maggio Law Firm, P.C., has a website on property division in Gulfport that may be of use to those seeking a divorce.