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Property Division Lawyers in Ridgeland, MS
Trusted Divorce Lawyers Handling Complex Property Division Cases Throughout Mississippi
Divorce is complicated. You and your partner need to deal with a number of different complex legal, financial, and logistical matters before you can finalize your separation. One of the questions that inevitably come up in a divorce is how marital property will be divided between the spouses. This may be a complicated and sometimes disputed process. At Hancock Law Firm, our Mississippi property division attorneys are knowledgeable, experienced advocates for our clients.
We protect the rights of people in Ridgeland and the surrounding communities. You can rest assured that our family law attorneys can zealously advocate for your rights in an effort to make sure that you preserve control over the assets that you are rightfully entitled to retain. If you are going through a divorce and you have questions about property division, we are here to help. Contact us today for a fully confidential review of your case.
Understanding the Property Division Process: An Overview of Mississippi Law
If you are preparing for divorce in Mississippi, it is imperative that you have an understanding of the state’s property division laws. At Hancock Law Firm, we want to make sure that you have the tools and resources that you need to do what is right for yourself and your family. Here is an overview of the key things to know about the property division process in Mississippi:
- Marital vs. Non-Marital Property: The first step in resolving any property division issue is categorizing property as either marital property or non-marital property. Typically, any property acquired during the course of the marriage is considered marital property and is subject to division at the time of the divorce. This often includes, but is not limited to, houses, real estate, and cars, as well as checking, savings, and retirement accounts. Non-marital or separate property generally includes property that one spouse owned prior to the marriage, as well as any property acquired by gift, legacy, or descent. Separate property is not subject to division at the time of the divorce.
- Marital Property is Subject to Equitable Distribution: Mississippi is an equitable distribution state, which means that the division of marital assets will be fair but not necessarily equal. Notably, marital debt is also subject to equitable distribution in Mississippi. When making a property division determination, the judge is free to consider a broad range of factors, such as the length of the marriage, the contributions of each spouse during the marriage, each spouse’s earning potential, the market value and emotional value of the assets, the value of each spouse’s separate property, tax consequences, and any other factor that in equity should be considered. A related point to bear in mind is that Mississippi allows a spouse to retain any property for which they have the title.
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Complex Property Require Special Arrangements
If you own complex property, it is not always easy to divide things up. There could be legal barriers standing or structural barriers standing in your way. For example, it is hard to simply “split” home or a vehicle. An asset may need to be sold or an agreement may need to be worked out between the parties.
Other assets are difficult to divide as well. As mentioned earlier, retirement plans are subject to division at the time of the divorce. As a practical matter, however, it is often not possible to divide a plan or split up the plan assets exactly at the time of the divorce. This is because retirement plans are often subject to certain limitations regarding when they may be cashed out and when they may vest. In these instances, a Qualified Domestic Relations Order (QDRO) may be needed to make sure that each spouse obtains their fair share when the plan does mature or become payable.
The good news is that there is always a solution. Our experienced Mississippi divorce lawyers can help you and your spouse divide complex property in a manner that best protects your financial interests. Do not leave money on the table: Get help from a skilled legal professional.
How Our Mississippi Divorce Attorneys Can Help
The way that property is divided during a divorce may have long-lasting consequences for your loved ones and you. It is imperative that you get this right. At Hancock Law Firm, PLLC, we have deep experience representing complex property division cases. Among other things, our Ridgeland, MS divorce lawyers are prepared to:
- Conduct an in-depth review and assessment of your case;
- Answer your questions about Mississippi’s property division laws;
- Gather all the documents, records, and information you need;
- Represent you in settlement negotiations with your former partner; and
- Take all appropriate steps to protect your legal rights and financial interests.
We appreciate the importance of finding efficient, cost-effective solutions in divorce cases. Our attorneys are also trial-tested professionals who are more than ready to fight to protect your rights. With a well-established record of successful results across a wide array of family and divorce cases, you can count on our property division lawyers to help you find the best way forward.
Seek Guidance from a Ridgeland Property Division Lawyer
At Hancock Law Firm, our team of dedicated attorneys can work meticulously to assert your rights to the fullest possible extent. We understand that a divorce is a challenging process, and we are committed to providing each client with compassionate representation. Call us today or contact us online to schedule a fully confidential consultation. With an office in Ridgeland, we are well-positioned to provide family law services throughout the region, including in Madison County, Hinds County, Yazoo County, Rankin County, and Holmes County.
Call us at (601) 853-2223 or contact us online to set up an appointment with our team.
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