One of the most important things to understand about property division during divorce is how it works. There are different categories of property, different challenges that may arise and it is helpful to avoid allowing the process to become unnecessarily contentious.
Is Mississippi, property division is conducted according to equitable property division rules which means that property is divided fairly but not necessarily in half. It is important to keep in mind that only marital property is divided. Marital property includes property and income earned during the marriage as opposed to separate property that is not subject to division. Separate property can include property owned prior to marriage, inheritances, gifts or personal injury settlements.
Property that may be divided during the divorce process can include the marital home and real property; household furnishings; retirement accounts and investments; executive perks or deferred compensation; and vehicles, guns, jewelry and other valuables. It may also be necessary to value a family business and challenges can arise when attempting to divide a business or a family home. Loans and joint debts will also have to be addressed. It is additionally important to understand the impact of spousal support, child support and child custody on a property division settlement.
During the property division process, it is important for the divorcing spouses to each know how to protect their interests which can include knowing how to handle any transferred or hidden assets. Familiarity with the process can help divorcing couples each prioritize their property interests which can help the spouses reach a property settlement they can both live with. Divorcing couples are encouraged to work together to reach a divorce settlement and the family law process provides resources to help them do that so they can focus on a positive financial future.