The division of assets is often a touchy subject in Mississippi divorces. There may be spats about what is or isn’t marital property, as well as how much each party is entitled to. The marital home can take up a lot of time in negotiations, whether one party wants to keep it, both parties want to keep it, or no one wants the marital home. Learn more about what to expect during a home transfer.
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Equitable Distribution in Mississippi
First, you’ll need to know how Mississippi approaches the division of assets during a divorce. While some states presume that each spouse gets a full 50% of the marital assets, Mississippi does not use this approach. Mississippi uses equitable distribution, which acknowledges that both parties have a claim to marital property but that both parties may have varying levels of need.
Some of the factors that come into play for equitable distribution include each party’s income and ability to earn an income, each spouse’s level of education and experience, other assets they may have, who will be the children’s primary caretaker, and what sacrifices were made by both parties for the sake of the marriage.
This may affect the division of your marital home. Depending on the nature of your marriage and its end, you may be entitled to more or less than you expect.
Different Ways to Handle the Marital Home
There are a few different situations that arise when it comes to the marital home. First, one person may want the marital home while the other is ready to let it go. Second, both parties may want to take sole ownership of the home. Finally, neither party may want the home, putting them in a position to sell it.
One trend that has started to gain some traction is birdnesting. This means that the children live in the home 100% of the time, while the parents take turns living there during their custody time. When it is not their custody time, they live elsewhere. However, this does require an amicable divorce and is far from mainstream.
When One Party Keeps the Home
If one party keeps the home, both spouses must first come to an agreement. If both want the home, intense negotiations generally determine who actually gets to keep it. If no agreement can be reached, the issue may be decided by the court. However, this means that both parties give up their leverage and their say, so it is not the ideal outcome.
Once it’s been decided, the person who keeps the home must be able to refinance it solely in their name. This can be difficult if, for example, the person who wants the home does not have good enough credit or a high enough income to refinance on their own. If this occurs, the home is generally sold if no other solutions present themselves.
After financing has been secured and the spouse takes primary ownership, the other owner signs a quitclaim deed. This gives up their ownership of the home.
When the Home Must Be Sold
If the spouses agree to sell the home, the process is the same as any other home sale. However, proceeds are split in a way that is agreed upon by both parties.
The spouses must agree on the agent they use for the sale, which offer they take, and any concessions made during the sale. As you can imagine, this can be difficult for a divorcing couple. However, once you navigate this part, you are free of the burden of the marital home.
Market conditions are an important factor to consider if you and your ex-partner are considering selling. If you are, you may want to meet with a real estate agent for a reasonable appraisal.
Reach Out to Holcomb & Russell Now
Don’t try to get through a divorce on your own—choose a lawyer you can trust to advocate for you and your future. We’re here to make sure that you’re treated fairly in this trying process. Contact us online or call us at 228-432-6652.