Equitable Distribution of Marital Property
Serving clients in Brandon, Jackson, and throughout Central Mississippi
Division of marital property is one of the most important components of any divorce. In many cases, it can become very contentious, with both parties engaging in a heated fight over property and assets. It is important to work with an experienced family law attorney with a strong understanding of Mississippi's marital property laws so that this process is resolved as amicably, quickly and fairly as possible.
Equitable Distribution Laws
The state of Mississippi adheres to the philosophy of "marriage as an economic partnership," and the state's divorce laws reflect this philosophy. As a result, ownership of title is not the determining factor in the distribution of marital property during a divorce.
Property is classified in one of two ways:
- Marital property
- Separate property
Whether assets are classified as martial or separate depends on the facts of each case. Assets obtained prior to the marriage are considered to be separate. However, if separate property is comingled with martial assets or used for "familial purposes", the property may be re-classified as a martial asset. Separate property will not be distributed between spouses, but is still relevant in determining how the martial property will be divided. All assets acquired during the marriage are presumed to be marital property, regardless of which spouse holds title. Possible exceptions to this presumption include:
- Gifts, including inheritance
- Personal injury awards for pain and suffering
- Professional Licenses or Degrees
After the property is classified as martial or separate, all the property must be valued. Obtaining the value of an asset may require nothing more than providing a receipt. Or it may require hiring an expert, especially when a spouse owns an interest in a business because determining the value or increase in value of a business can be both difficult and contentious.
Equitable Distribution Does Not Always Mean Equal Distribution
Once all the property has been classified and valued, the martial property will be divided equitably. Classification of an asset as martial does not mean that each spouse will receive an interest in that particular asset. Instead each spouse will receive an equitable share of the entire martial estate. While an equitable distribution will often result in a 50/50 split of the martial estate, such a division is not required. Factors used to determine what constitutes an equitable distribution include:
- Contributions made by each spouse
- Market and emotional value of the assets
- Tax and legal consequences of the division
- Spousal use or disposition of assets
- Value of each spouse's separate estate
- Needs of each spouse
Due to the highly complex nature of equitable distribution laws, you will need a skilled family law attorney to advocate on your behalf and make sure that you receive a fair percentage of marital property and assets. The Jackson divorce attorneys at the Law Offices of Mel Coxwell have handled many divorces for our clients, and we have a thorough understanding of Mississippi's laws that apply to your case. We will provide you with caring and compassionate representation, always keeping your best interests in mind so that you receive a fair and proper settlement.
Please contact our Jackson divorce attorneys today to schedule your initial consultation. The Law Offices of Mel Coxwell serves clients in Brandon, Jackson, and Central Mississippi.
Mel Coxwell, P.A. serves clients in Jackson and Brandon, MS and the surrounding areas.
Mel Coxwell P.A. | 20 Eastgate Drive, Suite E | Brandon, Mississippi 39042