Divorce can be an overwhelming process and the prospect of dividing all the assets of the divorcing couple can be upsetting for many divorcing spouses. Property division during divorce can present a variety of challenges and can create animosities during an already difficult time. There are practical considerations for take into account including that some assets cannot be split in two or that some assets may be excluded from the property division process.
Because Mississippi follows equitable division rules, property is divided in an equitable and fair manner but may not be divided exactly in half. Though property is divided equitably during divorce in Mississippi, property is still characterized as marital or separate and separate property is not subject to division. Separate property can include an inheritance or property owned prior to marriage. Other types of property, such as a pension or business, may, depending on the circumstances, be subject to division as a marital asset. Retirement assets can be an important concern in many divorces.
Additional issues can arise in a high asset divorce including the need to value a closely held business; division of the marital home and other property; division of investments and retirement accounts; division of any executive perks or deferred compensation; addressing loans and joint debts; spousal support; child support, child custody and visitation; assets that may have been hidden; as well as other divorce-related concerns. In any divorce, it is important to understand when to litigate divorce-related concerns or when negotiation or other options may be preferable.
Divorce can be a difficult process that can be time consuming, costly and lead to acrimony between the divorcing couple. Understanding the issues they will face, and how the family law process can help them resolve those issues, can help avoid disputes and focus couples on preparing for their future following the divorce.