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What is considered marital property?

On Behalf of | Oct 1, 2021 | Divorce

When people in Mississippi go through a divorce it can be a complicated and difficult time. They need to separate their shared life into two separate lives during a highly emotional time in their lives. People need to make decisions regarding their children such as custody, parenting time and child support. They will also need to potentially determine if one spouse will receive alimony. Finally, they will need to divide their property.

When dividing property in a divorce, people need to start by determining their assets and the value of those assets. However, only the couple’s marital assets will be divided between the spouses in the divorce. Each spouse will keep their separate property. Therefore, it is important to know what is considered marital property and what is considered marital property.

Marital property and separate property

Marital property is generally all property that either spouse acquired during the marriage. It does not matter which spouse acquired the property, whose name is on the title or whose name is on a certain account. If either one acquired it during the marriage it is marital property with a couple of exceptions. Gifts, inheritances and property acquired during the marriage with separate property are considered separate property. In addition to that property, anything acquired prior to the marriage is also considered separate property as well.

After determining the marital property in a Mississippi divorce, the couple needs to divide it. In Mississippi it is an equitable division. This can mean equal, but it does not necessarily need to be divided equally, if an equal division of the property is not fair. There are a number of factors that go into determining an equitable division depending on the circumstances of the marriage. Property division in a divorce can be complicated and experienced attorneys may be able to guide one through the process.