In the event of dissolution of the marriage, the court has the power to divide real and personal property and to award periodic, lump-sum and/or rehabilitation alimony. In the division of property, Mississippi court: If it turns out that one spouse has wasted matrimonial funds in a way that harms the other spouse, the court may take punitive or restorative action by awarding the injured spouse a higher percentage of the shared property. The limit of the wealth a spouse can receive from a divorce depends on which assets are divided and what is separated. For example, if a spouse has a large inheritance that he or she has kept separate from the couple`s joint finances, then that spouse would likely be able to keep that inheritance. But a house is almost always a common good, so the couple or the courts have to find a way to divide it. There is an important rule to keep in mind in this discussion as it colors everything. Here`s the rule: all property that exists at the time of divorce is considered marital property. If you claim that property is property out of wedlock, it is up to you to prove it. Your spouse doesn`t have to do anything at all to prove they`re married – it`s already believed to be legitimate. If you cannot meet your burden of proof, the judge will decide that it is matrimonial property. No. 5: In addition to dividing property, you and your spouse may have to share debts. Consult a divorce lawyer about how to fairly settle a divorce judgment, including substantial assets and substantial debts.
Also learn how a court can follow up to ensure that assets have been sold in accordance with the terms of the divorce decree. If Mississippi is not a communal owned state, how is property divided here? Technically, Mississippi is a fair distributive state. However, the word “just” can be confusing. In terms of divorce, this does not always mean that assets are split in the middle 50/50. We now turn to one of the most controversial issues in Mississippi`s divorce law. Mississippi offers two ways a spouse can convert his or her extramarital property to matrimonial property, even unintentionally. This is controversial because Mississippi`s laws on this issue go in a very different direction from national trends. Gifts or inherited property are considered separate property in Mississippi and are not subject to equitable distribution. However, the courts may find that you have combined the home with your other matrimonial property if your spouse has contributed to the maintenance of the home or has made a significant investment in the home.
In this case, your spouse would likely have a right to the home you inherited or bought before the marriage. In Mississippi, courts generally accept a fair and equitable division of property that the parties accept, but if the parties cannot agree, the property is divided by the Mississippi court in the divorce decree. Suffice it to say that if the facts indicate a possible mix, it can be a lengthy exercise to distinguish marriage from non-marital. Your lawyer will advise you on the details of the process. But remember the rule we established at the beginning of this stage: all property that exists at the time of divorce is considered matrimonial. In practice, judges in a fairly-distributed state like Mississippi often divide matrimonial property, with about 2/3 of matrimonial property going to the highest-paid spouse and 1/3 to the lowest-paid spouse. Mississippi divides matrimonial property through equitable distribution, which means that the court seeks to divide matrimonial property fairly and fairly between spouses, taking into account several factors in determining equitable division for each spouse. In Mississippi, matrimonial property is all property acquired or accumulated during marriage. This includes cars, land, homes and appliances purchased during the marriage, as well as chequing, savings or retirement accounts accumulated during the marriage. Property classified as matrimonial property is equitably distributed. Property brought to the marriage by one of the parties or inherited by one of the parties may, in certain circumstances, be considered as property outside marriage and cannot be distributed equitably. Mississippi is a state of equitable distribution, and assets acquired during and before marriage can be divided after divorce.
Some factors considered by Mississippi courts in a property division case include non-monetary contributions, contributions to a partner`s education, and economic misconduct. This page summarizes the most important aspects of property sharing laws in Mississippi.