Property division laws, the legal allocation of assets during a divorce, vary between states. There is no one standard for how money and items are divided among a divorced couple, so each case requires careful evaluation of the couple’s property and the state of the marriage.
Although there is variation in property division proceedings, state laws fall into two separate definitions: equitable distribution and community property division.
If you are in the midst of a divorce, please contact our Jackson divorce attorneys at Grant Legal Group PA. We are available to provide support and answer any questions you have in relation to property division, and divorce in general.
Mississippi property division law follows the equitable distribution model. Equitable distribution states rely on the belief that the assets of each individual are separate and a couple is responsible for their own earnings.
Of course, it can be argued that some assets belong to each spouse equally, so couples in equitable distribution states need to carefully consider all of their financial ownings and work toward an agreement that is fair to both parties.
Ten states have community property division laws: Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. These states consider property acquired during the course of a marriage as equally belonging to both spouses, and it is divided as such, with each spouse receiving half of all assets.
The half-and-half philosophy of community property laws equally divides all finances, including debts. Any debt incurred during the marriage will become the equal responsibility of both parties, and each spouse will need to pay off those debts off once the property division agreement and the divorce is finalized.
As stated, Mississippi is an equitable distribution state, so property division agreements involve in-depth appraisal of a couple’s assets. These debates can get confusing, especially in cases where both spouses, at face value, appear to be equally responsible for the accrual of certain items and finances.
Our Jackson divorce lawyers are dedicated to helping clients in Mississippi understand their rights during a divorce. At Grant Legal Group PA, we understand that property division agreements are financially, legally, and emotionally complex.
Contact us today to schedule a consultation. We can be reached via phone (601) 664-0044 and through our online message form to discuss the details of your case.