Navigating a divorce can be a challenging process that involves making difficult decisions about your financial future. One of the most important and complex aspects of the divorce is the division of property acquired during the marriage. At Gregory D. Keenum, PA, we have over 49 years of experience helping clients navigate Mississippi divorces, and we understand that understanding the principles of property division is essential to protecting your assets.

Mississippi is an “Equitable Distribution” State

First and foremost, it is important to understand that Mississippi is not a community property state. Instead, the state follows the principle of “equitable distribution.” This does not necessarily mean a 50/50 split, as the court will divide assets and debts based on what it deems to be fair, after taking into account all relevant factors, as outlined in Mississippi Code Annotated § 93-5-23.

What is Considered Marital Property?

Not everything you own can be divided. The court makes a distinction between:

Marital Property

This includes most assets and debts acquired by either spouse during marriage, from the wedding date until the separation date or filing for divorce. It includes income earned, real estate purchased, contributions to retirement accounts, and debts incurred during the marriage period, regardless of whose name is on the title or account.

Separate Property

This is property that is typically excluded from division in a divorce. It includes:

• Assets owned by one spouse before the marriage.
• Inheritances or gifts received during the marriage, if kept separate.
• Property specifically excluded by a prenuptial or postnuptial agreement.

Proving that an asset is separate property can be a complex process, especially if it has been mixed with marital assets. Using an inheritance to help pay off a joint mortgage is one example. Detailed records and legal advice are essential in these cases.

How Do Mississippi Courts Determine What is “Equitable”?

To determine what constitutes a fair division of marital property in Mississippi, courts consider a list of factors outlined in the case of Ferguson v. Ferguson. These factors include:

1. The contribution of each spouse to the acquisition and maintenance of the marital assets, including as a homemaker
2. The market and emotional value of the property
3. The value of each spouse’s separate assets
4. The economic circumstances of both spouses at the time of separation
5. The length of the marriage
6. Tax implications of the division
7. The need of the primary caregiver (custodial parent) to continue residing or owning the marital residence
8. Any other factors the court deems relevant to achieving fairness

These factors are used to help the court determine a fair and equitable division of property between the spouses.

The Marital Home and Retirement Accounts

Two of the most significant assets in a divorce are often the family home and retirement accounts.

• The Marital Home: The court can award a house to one spouse, often the parent with primary custody of minor children, or order its sale, with the proceeds shared equally. The decision depends on the Ferguson factors.
• Retirement Accounts: Funds contributed to a retirement plan during marriage are considered marital property and can be divided through a specific court order known as Qualified Domestic Relations Orders (QDROs). This allows for the transfer of retirement funds without incurring penalties associated with early withdrawals. QDROs ensure that the funds are transferred in a tax-advantaged manner to the other spouse who is designated as an alternate payee.

Why Legal Representation is Critical

Attempting to navigate the equitable distribution of assets and debts without the assistance of a skilled divorce attorney in Booneville, Mississippi, can lead to costly mistakes. At Gregory D. Keenum PA, we provide the strategic guidance and expertise necessary to help you navigate this complex process. Our team of attorneys will:

• Identify and accurately value all assets and debts acquired during the marriage.
• Trace and prove the separate ownership of certain assets.
• Advocate for a settlement that reflects your individual contributions and future financial needs.
• Draft and negotiate settlement agreements that protect your interests and ensure fair treatment.
• Ensure proper legal procedures are followed, including the preparation and submission of QDROs (Qualified Domestic Relations Orders) if necessary.

Protect Your Financial Future with Experienced Guidance

Divorce can be a difficult process, but you don’t have to go through it alone. Gregory D. Keenum, PA has deep roots in our community and has been providing trusted legal services since 1979. We are dedicated to providing personalized and strategic solutions that will help you move forward with confidence after a divorce.

If you have any questions about property division or other aspects of divorce in Mississippi, please contact our office for a consultation. Our experienced team will guide you through the process and help you achieve a fair and secure resolution.