Most people find the prospect of divorce to be somewhat frightening. They don’t know what to expect and may worry about the worst-case scenario. Frequently, the tales shared about divorce online catastrophize the impact that divorce can have on someone’s life.
Additionally, people share their stories as though they are universal when every state has a different approach to divorce proceedings. The frightening tales penned by people living in Texas or California can mislead someone living in Mississippi. They may worry that they face the same outcome as those individuals.
However, Mississippi has its own unique approach to divorce. The way that the courts handle property division relies on a careful analysis of marital circumstances and the financial situations of the spouses. What rules apply to property division matters in a Mississippi divorce?
Judges try to arrange a fair outcome
A handful of states still enforce community property rules. They may require a 50/50 division of marital property. Mississippi is not one of those states. Case law and crucial court precedence establish Mississippi as an equitable distribution state.
A judge should try to find a fair and reasonable solution for property division after learning about the marital estate, the marriage itself and the circumstances of both spouses. What is equitable or fair for one couple can be inappropriate for another. Creative solutions are often necessary.
Judges have the authority to award both assets and debts to either spouse. They can even order the sale of certain assets. It is therefore incredibly difficult to predict the exact outcome of property division proceedings.
The only way for spouses to ensure that they can retain control over certain assets is to settle property division matters outside of court. If they cannot, then they must prepare themselves for the uncertainty that comes from a litigated divorce.
Typically, most assets and income accumulated during the marriage are potentially subject to division. There are exceptions for separate property, including assets protected by prenuptial agreements and inheritances. People have to avoid commingling their separate property if they want to preserve it in the event of a divorce.
Identifying and valuing marital assets is it important first step for those preparing for a Mississippi divorce. Those who prioritize presenting robust information about the marriage to the courts can potentially improve their chances of securing a favorable property division decree.
