Property Division in Mississippi
Divorce not only terminates the legal partnership between two spouses but can also require that the property previously shared by the couple be divided. Mississippi law requires that the division be equitable (fair), but not necessarily equal.
What is considered Marital Property?
Normally, the property you buy or receive while married becomes marital property. Should you get divorced, marital property is considered jointly owned and will get jointly divided, as close to evenly as possible.
What is separate property?
Property that you owned before the marriage is separate property and is normally not subject to division. There are some exceptions to the marital property rule: things like inheritance, gifts, and in some cases 401Ks are considered separate property.
Can I Stay in My House During a Divorce?
If you both bought the house or one person’s name was added to the title later, you both have equal rights. It is common for one spouse to offer a buyout of the remaining mortgage. If both of you are okay with selling the house, then it is divided according to property division state laws. This is usually 50/50 of the house’s selling price.
Who gets to keep the house?
If you have children, then the parent who does most of the child-raising generally keeps the marital home. If one partner purchased the house with separate funds and there are no children, then they can keep it and legally require the other partner to move.
What if domestic violence is involved?
If this is the case, immediately seek a restraining order and contact a domestic violence hotline.
Relationships can become very toxic, so be careful not to allege domestic violence out of spite just to get the other partner out of the house. If the judge believes you’ve done this, then you can seriously jeopardize your rights to marital property, including ownership of the house.
What should be in a property settlement?
As you go through the process of separating from your significant other, you’ll need to make several tough decisions, including deciding on how to allocate your property.
Dividing up marital property is hardly an easy task, especially when there are emotional attachments involved, not to mention the fact that the question of who actually owns what isn’t always clear. Before signing a property settlement agreement, it’s important to understand your rights to marital property.