5 Things To Know About Property Division
Every divorce includes the division of assets that have been part of the marital estate during the marriage. Many people approaching divorce are worried or frightened by the idea. “Will he or she take all my assets?” You may wonder. “Will I be able to stay out of debt and in my own home?” Walsh Law Firm, P.L.L.C., welcomes the opportunity to provide valuable advice and zealous advocacy for you through the process of negotiating division of your assets after divorce.
To get the advice started, here are five lesser-known facts about division of assets in a Mississippi divorce:
No. 1: Mississippi is not a “community property” state. This means family law courts in the state do not expect a 50-50 division of assets; rather, the state expects to see an “equitable distribution of assets,” through the divorce. When you select a family law attorney, choose one like Tracy Buster Walsh who will fight for your right to protect as many assets as you can.
No. 2: As you prepare for negotiations about division of marital property, you may worry about having to sell your business or another valuable asset such as a family cabin to pay your spouse her (or his) fair share of the total value. Even if you agree to a sale of assets, you will likely need legal help to ensure you receive your fair share of the proceeds. A lawyer with access to trustworthy business valuation experts and real estate property appraisers can represent your interests in all negotiations and hearings affecting your divorce case. Call Walsh Law Firm, P.L.L.C., today.
No. 3. It is extremely rare for spouses to emerge from negotiations or hearings about property division completely satisfied. Normally, both feel they have lost something — and not just the marriage. Some family law judges say a deal is likely fair if both parties are dissatisfied.
No. 4: As you negotiate property division, spousal support and/or child support, it is important to consider the tax consequences of any arrangement. For this reason, we strongly urge clients of Walsh Law Firm, P.L.L.C., to consult with a certified public accountant (CPA) and/or a tax law attorney when evaluating any property division scheme. Look for a resolution that keeps more money in the hands of family members and less in the tax coffers.
No. 5: In addition to dividing property, you and your spouse may need to divide debts. Consult with a divorce attorney to learn how a divorce decree, including significant assets and sizable debts, can be settled equitably. Also learn how a court may follow up to ensure that assets were sold according to terms of the divorce decree.
Contact An Experienced, Knowledgeable Family Law Attorney To Discuss Property Division In Your Mississippi Divorce
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