Mississippi couples accumulate property during their time together. This means that when these couples split, they must divide the property as well. Today we will look at the property laws in Mississippi and what they mean for divorcing couples.
Mississippi is not one of the few states that observe community property laws. In states with community property laws, all marital property is “community property”. Both parties hold ownership over it. Because of this, courts divide property in an equal way. In essence, each party gets roughly 50 percent of their total property.
Without this law, courts divide property in an equitable way instead of based on equality. This allows for a more flexible division of property. But it also introduces some uncertainty into the mix. It is up to a court to determine what is “equal” without community property laws to guide them. While most courts try to stick to the 50/50 rule, there are exceptions. For example, if a party alleges fault, an unequal split may be more fair. Courts leave gifts and inheritances out of the equation as well.
Courts often honor agreements made between spouses outside of court. In other words, if you and your spouse work out an agreement on your own terms, the court will likely give it the okay.
Do you want to read more about dividing assets and debts in divorce? You can visit the link to our web page here. Learn more about how property division works in Mississippi. Understanding marital property laws in the state is important for any marrying couple.