Going through a divorce is an incredibly difficult time. The thought of losing your home and many of your precious memories can weigh heavily on your wellbeing. Figuring out arrangements after a divorce can be overwhelming, but contacting an experienced Mississippi divorce attorney can be instrumental in helping you move forward. Our team of divorce attorneys will fight to protect your family and your home.
Dividing Assets in a Mississippi Divorce
Mississippi is an equitable distribution state, meaning that all marital assets are divided fairly but not necessarily 50/50. The court considers several factors including - length of marriage, each spouse's financial and non-financial contributions, each spouse’s income, market and emotional value of the asset, child custody arrangements, potential tax implications, and alimony payments.
What is Marital Property?
Assets acquired during the marriage are typically considered marital property. This includes assets such as real estate, vehicles, savings accounts, and investments. There are exceptions to things you owned prior to the marriage that were kept separate from joint assets. Property owned and kept separate, as well as inherited or gifted property typically remain yours during a divorce. The court aims for a fair division of property that considers both spouse’s needs and pre-divorce standard of living.
Dividing a Shared Home
In Mississippi, a house is typically considered marital property if both spouses used it and have their names on the title. Dividing a house can be complex given that only one spouse typically gets to keep the property. The spouse remaining in the home may need to give up other assets or “buy out” the other spouses share.
Inherited Property
If your house was inherited prior to the marriage and your name is the only one on the title, it is typically considered separate property and not marital property. However, if your spouse contributed to the upkeep or value of the home, they may have a claim to it.
Custody vs Ownership of a Property
Custody
You control and live in the property, but don’t own it outright. In this case, your spouse would still be entitled to their share of the proceeds in the event the home is sold.
Ownership
You have full control over the property and can sell or do what you wish with the home. Courts in Mississippi typically award custody, not ownership, of a home.
Protecting Your Home and Your Future | Derek L. Hall, PC
During a divorce, the last thing you need is stress about your living arrangements. An experienced divorce attorney can advocate for your needs and help secure your future.
Our team will ensure paperwork is filed correctly and on time while also communicating all necessary information to your spouse (and their legal team) on your behalf. We are equipped to handle child custody, child support, alimony, and asset division to ensure the best possible outcome for you and your family. Don’t go through it alone, contact us today for a free consultation.
