One of the most contentious aspects of divorce is the process of dividing all assets that are considered joint property. While some states address this by simply dividing the assets equally between spouses, Mississippi takes a more tailored approach.
Mississippi follows the legal theory of equitable distribution, which means that the divorce courts will divide assets in a way that is considered fair to both parties. Therefore, it is important to present your divorce case in a way that shows your situation in a realistic light so that you are able to get the marital assets that you deserve.
What are marital assets?
Only marital assets are subject to division in any divorce. Marital assets count as any property or debt that is acquired during the length of the marriage, with the exception of inheritances, gifts and 401(k)s.
What factors will be considered when deciding what is equitable?
The courts will take into account many different factors when deciding how marital assets should be divided in a divorce. They will likely look at the contributions that each spouse made to the marriage, and they will take into account both financial and nonfinancial contributions. If there is significant marital debt, the courts will likely establish whether one particular spouse was responsible for acquiring this debt through irresponsible actions.
The way that you present your divorce to the courts can have a huge impact on the way that marital assets are divided. It is, therefore, important that you plan ahead and understand the law so that you can gain the divorce settlement that you deserve.