Property division is one of the most common concerns couples have as they prepare to divorce. As a result, it is useful for them to be familiar with how property division is handled during divorce. It will help them prioritize their interests and be better prepared for what to expect from it. It can also help guide them to a property division settlement agreement both spouses can live with.
Mississippi follows equitable property division rules which means that the family law court will seek to divide the couple’s property as fairly as possible between them during their divorce. Even though the property division process is focused on an equitable outcome, the process can be challenging and acrimonious as the divorcing couple works to divide the property and assets they have acquired during their marriage.
Additional complexities can also arise when the couple has high value assets that need to be divided. Assets will need to be sorted out and classified as separate or marital property. According to equitable property division rules, this does not necessarily mean the property division will be in half. High value assets that can create challenges include dividing a marital home and other real property; division if cars, guns, jewelry and other valuables; valuing a closely held business; dividing retirement accounts and investments; and division of executive perks and deferred compensation. Additional property division and divorce-related issues that may need to be addressed include hidden assets, spousal support, child support and other considerations.
By understanding how property is divided in Mississippi, divorcing couples can prioritize their interests and create a strategy that reflects their property division priorities. Trained guidance can also be useful to help them sort this out so that they reach a property division settlement that accounts for the interests and concerns of the spouses.