One of the primary concerns divorcing couples may have is how their property will be divided. To help avoid conflicts surrounding property division, it is helpful to understand how the process is conducted. Property is generally divided into two categories when couples divorce including marital property and separate property. Marital property is subject to division, while separate property typically is not.
Property that is generally subject to division, or marital property, includes property the couple acquired during the marriage. Separate property, or property not generally subject to division, includes property one of the spouses entered the marriage with, gifts, inheritances and personal injury awards. Property can sometimes be considered co-mingled so it is helpful to be familiar with that term as well and what it refers to.
In Mississippi, the family law court follows equitable property division principles which means property is divided fairly when the couple divorces but not necessarily in half. Property that may need to be addressed during the property division process includes the family home and other real property; vehicles, guns, jewelry and household furnishings; retirement accounts, pensions and investments; a family business; liabilities and other property as well.
There are a variety of complexities associated with the property division process and sometimes a valuation of property will be needed or different factors may be considered when making property division decisions. It helps for divorcing couples in Mississippi to be familiar with the process and to understand how it works when going through their divorce. Seeking the assistance of an experienced attorney can also help those in such situations.