After the Court determines that one or
both of the parties have proven grounds for divorce, makes an award of custody
and sets child support, the Court next addresses the issue of dividing the
marital property. The Court has the authority to divide real and personal
property and to award periodic, lump sum and/or rehabilitative alimony. When
deciding how to divide property and whether to award alimony, Mississippi law
requires the Court to follow the following procedure:
a. the Court classifies the property as
marital or non-marital;
b. the Court values and equitably divides marital property in light of each
parties non-marital property;
c. if the equitable divided marital assets would adequately provide for both
parties, then no alimony is awarded; and
d. if the equitable divided marital assets leaves a deficit for one party, then
alimony is considered.
Marital Property
Marital property is any and all
property acquired or accumulated during the marriage. Property which is
classified as marital property is subject to equitable distribution by the
Court. Property brought into the marriage by one of the parties or inherited by
one of the parties may qualify as non-marital property under certain
circumstances and may not be subject to equitable distribution.
Equitable Distribution
Once the Court classifies the assets as
marital or non-marital, the Court then equitably divides and distributes the
marital property. There is no requirement that the marital property be equally
distributed. Instead, the Court uses the following guidelines to equitably
divide marital property:
1. Substantial contribution to the
accumulation of marital assets including;
a. direct or indirect economic
contribution to the acquisition of the martial assets;
b. contribution to the stability and the harmony of the marital and family
relationships as measured by quality and quantity of time spent on family duties
and duration of the marriage; and
c. contribution to the education, training or other accomplishments bearing on
the earning power of the spouse accumulating the assets.
2. The degree to which each spouse has
expended, withdrawn or otherwise disposed of marital assets in any prior
distribution of such assets by agreement, decree or otherwise;
3. The market value and emotional value
of the assets subject to distribution;
4. The value of assets not ordinarily,
absent after the factors to the contrary, subject to distribution, such as
property brought into the marriage by parties and property acquired by
inheritance or inter vivos gift or to an individual spouse;
5. Tax and other economic consequences,
and contractual or legal consequences to third parties, of the proposed
distribution.;
6. The extent to which property
division may be utilized to eliminate periodic payments and other potential
sources of future friction between the parties;
7. The needs of the parties for
financial security with due regard to the combination of assets, income and
earning capacity; and
8. Any other factor in which equity
should be considered.
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