Property Division Will Determine Your Financial Foundation

Dividing marital assets following a divorce can become contentious. As foolish as it sounds, it is common for parties to dissolve a large percentage of their assets arguing over who should receive them. However, as with child custody matters, it is generally advisable to reach agreement on the division of marital property through negotiation and compromise rather than litigation.

Call The Waldrop Firm, P.C., at 901-410-1118 to learn how we work to reach agreement on property division matters outside of court, yet we are always prepared to litigate if a fair agreement cannot be reached.

Identifying And Properly Valuing Marital Property

Properly categorizing property as marital or separate is one of the most common and contentious aspects of property division in a divorce. Under Mississippi law, there are two types of property in a divorce case:

Marital property is any property acquired or accumulated during the course of the marriage by a spouse’s efforts.

Separate property is any property owned by a spouse prior to the marriage.

Gifts and inheritances received during the marriage are considered separate property provided the assets are not commingled with your marital assets. Whether a gift was made to one or both spouses is determined by the donor’s intent and title to the asset.

What Is Equitable Distribution?

Equitable distribution does not mean everything is split 50-50. Rather, the court is charged with dividing assets in a manner that it determines fair. In doing so, it considers a number of factors, including:

• Each spouse’s waste or disposal of marital property
• Each spouse’s financial status and need for financial security
• The market value and the sentimental value of each asset to be divided
• The value of each spouse’s separate property
• The tax or economic consequences of the division of property

The court may order that certain property be sold and the money received be divided in a manner the court feels is fair. This often happens when the husband and wife cannot agree on who keeps certain items.

Contact Us When Your Financial Security Is At Stake

If the marital property includes retirement accounts, pensions, investment real estate or second homes, a family-owned business or a stake in a professional partnership (such as a physician, attorney or accountant), valuing and dividing marital assets become even more complex.

Enlisting the services of an experienced attorney is essential to starting your post-divorce life in a strong financial position. Call 901-410-1118 or use our online contact form to schedule a free consultation. We are happy to answer your questions and provide you with a candid assessment of what you can expect.