It’s Important To Get The Division Of Marital Property Right
How marital property is divided in divorce plays an important role in setting the financial foundation for both parties in their post-divorce lives. That is why it is critical to enlist the help of a knowledgeable Mississippi family law attorney who can protect your interests and put you in the best possible position to begin your life after divorce.
The experienced family law attorney at the Law Offices of Mel Coxwell has successfully negotiated the settlement of thousands of property division cases. If settlement is not possible, Mr. Coxwell aggressively represents his clients in federal, state and local courts. The firm represents clients throughout Jackson, Madison, Ridgeland, Pearl and Brandon counties.
On this page, we answer some common questions about the division of marital assets.
Myths And Truths About Property Division
There are numerous misconceptions about how marital assets are divided in Mississippi. We address some by answering these commonly asked questions.
How will our property be divided?
Mississippi is an equitable distribution state. All property acquired during the course of the marriage is presumed to be marital property. Once the judge in your case has classified each asset and liability as marital or nonmarital, the marital property will be divided equitably. This may produce a 50-50 split between the parties, but equitable distribution does not require a 50-50 split. A judge’s decision will be based on the unique facts of each case.
How will assets be valued?
Some assets are assessed a value more easily than others. Determining the value of motor vehicles or furniture, for example, is not as complex as properly valuing a family business, collectibles or a rental property. Our firm works closely with forensic accountants and other specialists who will help us ensure that marital assets are properly valued.
Are my spouse’s retirement benefits considered marital property?
Yes. However, the valuation and division of retirement accounts depends on both state and federal law. Mr. Coxwell will explain Mississippi law to you while he works on your case.
Is inheritance part of our marital assets?
Inheritance, whether in the form of liquid assets or hard assets such as real estate, is generally considered separate property. There are instances where inherited property may be jointly titled or inherited assets have been comingled with marital assets, in which case a portion or all of those assets may be marital property. Each case is unique and must be handled on its own merits.
Put Our Experience To Work For You
When choosing a divorce lawyer, it is so very important to choose one who will listen to you and make recommendations that will help you arrive at the best outcome possible. If you are contemplating divorce and you live in central Mississippi, please consider Jackson divorce lawyer, Mel Coxwell. If you would like to have your case heard, please contact the Law Offices of Mel Coxwell today to schedule your confidential consultation.