Maggio Law Firm, PC

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What is fair and equitable property settlement?

When you and your spouse divorce, Mississippi law decrees that you divide your marital property between you in a manner that is fair and equitable to both of you. But what exactly does this mean? Does it mean that you must divide your marital assets strictly 50/50? No. As FindLaw explains, fair and equitable means different things to different couples depending on their personal situations.

To help you and your spouse arrive at a fair and equitable property settlement agreement, consider such things as the following:

  • Does either of you suffer from a medical condition that requires large expenditures for health care and prescription drugs?
  • Does this condition make it impossible for one of you to work?
  • Does one of you earn considerably more than the other?
  • Does one of you pay child support to a former spouse?
  • Does one of you have a gambling, alcohol or drug problem resulting in unnecessary dissipation of marital assets?

Separate property

Keep in mind that only your marital assets become subject to a fair and equitable distribution. You and your spouse also each have separate property that belongs to each of you alone and does not form part of your property settlement agreement. Such separate property includes such things as the following:

  • Whatever you owned at the time you entered into the marriage
  • Whatever you inherited during the marriage
  • Whatever personal gifts you received during the marriage

Arriving at a fair and equitable property settlement agreement takes some serious thought by both you and your spouse. If you absolutely cannot come to an agreement, you may have to litigate this issue in court and rely on the judge to appropriately divide your marital property between you.

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