Our readers may have heard the term “equitable distribution” in relation to divorce cases and know that this is the approach to property division under Mississippi law. But, what does that term actually mean and what will the impact of “equitable distribution” be on your divorce case?
“Equitable distribution” defined
There is one key word to know when it comes to defining “equitable distribution”: fair. Under this approach to property and debt division in Mississippi divorce cases, the court will attempt to find a split that is “fair” between the soon-to-be ex-spouses. Of course, “fair” doesn’t always mean that there is a clean, 50/50 split of assets. In fact, it is probably more likely that, if it comes to a judge making a decision on property division in Mississippi, one spouse could get more in the division of assets than the other.
There are a number of factors that a judge would likely consider in determining the “equitable division” of assets, including: how long the couple was married; the earning potential of each spouse; how much each spouse contributed to the assets that are subject to division; and, of course, the overall value of the assets to be divided.
As our readers can probably imagine, making a decision on a subjective rule such as what is “fair” can be difficult for a judge in Mississippi. That is why most courts will encourage divorcing spouses to come to out-of-court agreements on all issues in a divorce case – including property division, if possible.
But, if it comes to making an argument in front of a judge on what is “fair” in the equitable division of assets in a divorce case, be sure you are prepared to make strongly persuasive arguments that will limit any potential negative impact on your finances in the long-term.