Intro to Division of Property in Divorce

The most important thing to know about property division in divorce is that determinations will be made on a case by case basis. There are factors that the court will consider that are the same for all cases, but how those factors will be weighed and considered by the court will vary drastically from one case to the next depending on the particular facts and circumstances of each individual matter.

There are, however, a few things to keep in mind when it comes to the division of property in Mississippi:

• The property to be divided incident to divorce is "marital property." Marital property has been defined as "any and all property acquired or accumulated during the course of the marriage."
• Generally speaking, inherited property and gifted property are considered separate property or "non-marital" property for purposes of the division of marital assets, and are therefore usually not subject to division - so long as the separate property hasn't commingled with marital property. Although if after equitable distribution one party still has unmet financial needs the court may consider alimony based on the value of non-marital assets to make up the difference.
• There is a clear presumption in Mississippi that the contributions of each spouse whether economic, domestic or otherwise are of equal value. This means that if one spouse works for a living while the other stays home with the children they stand equal for purposes of property division.
• Whose name the title to marital property is in should generally not be a concern. Who "has title" is not necessarily the deciding factor in property division.
• Assets produced solely by the earnings of one spouse (such as pension plans) may still be subject to division.
• Equitable distribution does not mean a 50/50 split of all marital assets.

This list merely represents the tip of the iceberg. Outcomes of property divisions are like snowflakes, no two are exactly the same. Each case will be determined on its own merits. If you are facing a divorce it is in your best interest to contact a divorce attorney.