When a couple gets divorced, they must split their marital property. Spouses who cannot settle disputes over dividing marital property can turn to the court presiding over their divorce case for a ruling. But how do Mississippi courts divide property in a contested divorce? Do they split property equally between spouses?
Community Property vs. Equitable Distribution
In the U.S., state laws divide marital property in divorce under the community property or equitable distribution system. In the community property system, spouses have an equal interest in marital property, regardless of which spouse may have purchased the property or holds title to the property. Community property systems, therefore, divide marital property 50/50 between divorcing spouses.
However, the majority of states in the U.S. follow the equitable distribution system, under which courts seek to divide the marital estate fairly. However, a fair property division in an equitable distribution system does not always mean an even split of property and money. Instead, courts in equitable distribution states consider various factors to determine how to divide marital assets and what a fair split of the marital estate looks like. Mississippi uses an equitable distribution system for dividing marital property in divorce.
How Mississippi Divides Marital Property
In Mississippi, a court may only divide marital property in divorce. Each spouse can keep their separate property. Separate property includes all property or money that a spouse acquired before marriage and certain assets acquired during marriage, such as inheritances or gifts given expressly to one spouse. Marital property includes all assets, money, or value acquired during the marriage. However, spouses can designate what assets constitute separate or marital property through a pre/postnuptial agreement.
Mississippi courts consider various factors when determining how to divide marital property between spouses who cannot agree on a property split. Some of these factors include:
- The contribution of each spouse to the accumulation and maintenance of the property, including direct or indirect economic contributions, contribution to the stability of the marital and family relationship, and contribution to the education, training, and accomplishments bearing on the earning power of the spouse who accumulated the asset
- The degree to which either spouse has expended or disposed of marital assets
- The market value or emotional value of assets
- The value of each spouse’s separate property
- The tax or financial consequences of a proposed distribution
- The extent to which divided property can eliminate spousal support or other potential friction between the parties
- Each party’s need for financial security, given their assets, income, and earning capacity
Common Misconceptions About 50/50 Splits
Common misconceptions that spouses have about splitting marital property in divorce include:
- Courts always split property 50/50 or do so by default
- A 50/50 split usually provides a “fairer” division
- The presumption of equal contribution means that courts tend toward 50/50 splits
Although the law presumes that spouses contribute equally to acquiring marital property, even though one spouse may only make indirect contributions, such as homemaking, other factors may lead a court to conclude that a division other than 50/50 will fairly split the marital estate.
The Importance of Legal Representation
Hiring an experienced divorce attorney can help spouses attain a fair division of property in divorce. A lawyer can help ensure accurate classification of separate and marital property and bring all relevant factors to the court’s attention to help the court determine an equitable distribution. Lawyers can also help parties negotiate a property settlement agreement that can avoid letting the court decide how to divide the couple’s property.
Contact a Mississippi Divorce Attorney
When you get divorced, having experienced legal counsel can help you protect your financial interests during property division. Contact Gregory D. Keenum, P.A. today for a confidential consultation with a seasoned Mississippi divorce attorney to learn how courts decide to split marital property between divorcing spouses.