Divorce in Mississippi requires a splitting of marital assets. A house is often the most valuable asset involved in a divorce and determining who gets the house can be complex.
Mississippi is an equitable distribution state, which means that marital property is divided fairly. A house is generally considered marital property since both spouses have lived in it and put money into it.
It is common for both spouses to want the house in a divorce. It not only prevents the stress and chaos of relocation, but the house may also hold special memories that are hard to part with.
Additionally, a house represents routine and stability, which are inherently disrupted during a divorce.
You must be able to afford the house
When both spouses want to keep the house, a court must step in to decide who should receive the house. There are various factors a court examines when making this decision, such as the financial situation of both spouses.
The spouse that receives the house must show the court that they have the financial resources to maintain the house and pay necessary expenses. For example, if you are determined to keep the house, but your income does not allow you to meet the monthly mortgage obligation, you may not have a good chance of a court awarding you the house.
Since the goal is an equitable distribution of assets, whichever spouse receives the house must generally give up another asset in return, such as a retirement fund.
Another typical solution is one spouse keeping the house in exchange for the other spouse receiving a share of the equity through a lump sum payment. This is often done through refinancing the mortgage to remove the other spouse’s name and obtain the equity payment.
What if neither of you can afford the house?
Sometimes neither spouse can afford to keep the house. This is understandable, since purchasing and maintaining a house often requires two incomes today.
In this case, no matter how much you or your spouse want the house, a court may order that it be sold and any proceeds or debt from the sale be split equally.