Assisting Couples With Property Division
The divorce process is complicated and complex. You must make several important decisions in a short amount of time. The decisions you make will have a lasting impact on your life moving forward. One aspect of divorce that can have a long-lasting impact is the division of your assets. At Hollis Legal Solutions, PLLC, we understand the complexities involved in property division. Our family law attorney, Scott Hollis, will answer your questions and help you navigate the process.
Protecting Your Rights And Needs
Regardless of your net worth and assets, the division of your property and debt will happen during the divorce process. Some assets and debts will remain the exclusive property of one of the partners after the marriage, while some assets will be divided.
There are two types of property:
- Marital property: assets and debts acquired during the marriage.
- Nonmarital property: assets and debt owned prior to the marriage. These must remain unchanged throughout the marriage.
All marital property and debt will be considered for division.
Advocating For Fair And Just Actions
Mississippi is an equitable distribution state. The court will divide your marital property in an equitable manner, which is not necessarily equal. When the court looks at your marital assets, they will consider several factors when determining how to divide your property.
The court may consider the following:
- Economic contribution to the acquisition of marital assets
- Contribution to the education or accomplishments of each spouse
- Contributions to the stability of the household
- How the assets were used throughout the marriage
- The value of separate property
- Tax and economic consequences associated with the distribution of assets
- How the distribution of assets can reduce future disagreements
- The financial security and needs of each spouse
It is important to seek knowledgeable legal advice when determining marital property. A skilled lawyer can work to ensure there are no hidden assets, and that a proper valuation is placed on your property and debt.
Make Us Your First Call
Scott Hollis is a family law attorney with extensive experience in helping clients with divorce and property distribution processes. He will use his knowledge and experience to create unique solutions tailored to fit your needs. He will work aggressively and with compassion to find answers to your questions and help you find financial security as you divorce. Contact us today. Call 662-892-3717 to set up a free consultation. Located in Olive Branch, we also serve clients throughout Southaven and Hernando.