Many spouses in Mississippi choose to disregard the guidelines of equitable distribution altogether by creating a separation agreement outside of court.
In Mississippi, family courts follow a system of equitable distribution when property is divided among divorcing spouses. If you are approaching a divorce in Mississippi, it’s important to understand exactly how this system works. You should also be aware of how equitable distribution differs from community property, which is a separate system used by a few other states.
If you want to learn more about the equitable distribution process, your best bet is to consult with a qualified, experienced family law attorney in Mississippi. These legal professionals can explain exactly how your property will be divided in a clear, concise manner. Not only that, but your attorney can also help you with your divorce and ensure that you’re getting your fair share.
Community Property and Equitable Distribution: What’s the Difference?
If you get divorced in a community property state, you will need to split all assets with your spouse in a 50/50 manner. This is a relatively simple approach, and it can be described as “fair,” since each party receives an equal share of the assets.
In contrast, an equitable distribution state like Mississippi approaches the situation in a more careful, nuanced manner. Family courts in these states take into account various factors that they may deem to be relevant. For example, a spouse who relies on a certain piece of property or asset more heavily than the other may get preferential treatment, especially if the asset is virtually worthless to the other spouse.
The difference between the words “equitable” and “fair” should give you some indication of how these two systems differ. A fair system gives everyone exactly the same benefits, while an equitable system may give more benefits to someone who has more inherent disadvantages compared to another person.
You Can Make Your Own Decisions
However, many spouses in Mississippi choose to disregard the guidelines of equitable distribution altogether by creating a separation agreement outside of court. Couples who choose this path can make their own decisions about how their property will be divided. As long as both spouses agree on the terms of this agreement, it becomes legally enforceable. With this method, spouses can create their own system of dividing assets that works best for their unique needs.
Enlist the Help of a Qualified Attorney Today
If you’ve been searching the Mississippi area for a qualified, experienced family law attorney, look no further than Ballard Law, PLLC. Over the years, we have helped numerous spouses handle their divorces in a confident, efficient manner. We know that the financial impact of a divorce can be especially worrying for spouses, and we’re here to help you protect your assets. Book your consultation today, and we can develop an effective action plan together.