Equitable Distribution in a Jackson, MS Divorce
Dividing Property After Divorce
In a Mississippi divorce, whether your case is settled or submitted to a court for trial, the process of dividing assets is governed by the laws of equitable distribution. The purpose of equitable distribution is to fairly divide all marital assets. It is important to note that the term “equal” is not used here, as equal is too literal a term, used to describe things that are the same in size, degree, quantity or value. “Equitable” is defined as fair and impartial, or valid in equity. Thus, marital property may not be equally divided but rather divided in a fair and impartial manner so as to protect each party’s interests.
If you are going through a divorce and want to make sure your property is protected, you need to work with a competent attorney. It is important to make sure you properly present all assets, debt, property, and earnings in your divorce. It is also important to make sure these are presented in manner that favors your goals and interests. Jackson divorce lawyer Mark Chinn has been representing clients’ interests under Mississippi’s equitable distribution laws for 40 years. He knows how to prepare and present each case to protect his clients’ rights.
Contact our offices at (601) 202-5594 to discuss your divorce and how your property and assets may be affected.
Ferguson Factors in a Mississippi Divorce
Mississippi judges apply specific factors set forth by Ferguson v. Ferguson, 639 So.2d 921, 926 (Miss. 1994) when applying equitable distribution laws to marital property. This includes:
- Substantial contributions by each party to the accumulation of property;
- Withdrawals, expenses, or other reductions/disposals of property by each spouse;
- The market value and emotional value of marital property;
- The value of separate property owned by each spouse;
- Tax, legal, and other consequences of the proposed division of property;
- What impact marital property division may have on future payments or disagreements;
- The financial security of each spouse based on marital property distribution, income, and earning capacity; and
- Other relevant factors.
Another key factor in equitable distribution is leaving each spouse in a self-sufficient state, to finalize the division of assets and facilitate the conclusion of their legal relationship.
Call Jackson attorney Mark Chinn at (601) 202-5594 today for skilled counsel related to equitable distribution in your divorce.
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