Mississippi Divorce Attorney Provides an Overview of What Happens to the Marital Home During a Divorce

If you and your spouse own a home and you plan to get divorced, you probably already know that the issue of what to do about your marital home will be a major topic for discussion and debate. There are a few different ways in which couples can approach the marital home issue, and it is useful to know what your options are.

The first thing that any divorcing couple in Mississippi should know regarding their marital home and divorce is that Mississippi is an equitable distribution state, as far as dividing marital property is concerned. This means that the property settlement must be fair to both parties, when it is considered as a whole. The concept of overall fairness is important when it comes to evaluating the options for disposing of a marital home.

One option is very straightforward. If neither spouse wants the house, the best thing to do is sell it and then split the proceeds from the sale as part of the property settlement. Things get a little more complicated if one or both of the spouses want to keep the house, because that actually involves multiple considerations. There is the issue of whether it is just one spouse who wants to keep the house (which makes things a bit easier), or whether both of them want to keep it. There is also the issue of whether the spouse or spouses who wish to keep the marital home can in fact afford to do so. An assessment of whether someone can afford to keep the marital home involves creating a future budget which would show whether that party’s post-divorce income could support paying the expenses of owning the home in addition to all of their other living expenses. Of course, there is plenty of room for debate and discussion on both of those issues in any given divorce case.

Once a couple has decided that one of them should have and can pay the expenses of owning the marital home after the divorce, then the discussion must turn to how the “purchase” of the home will be dealt with in the context of the overall property distribution. The first step in this process is determining the value of the marital home. If the parties agree on the home’s value, then they can proceed to discussing which assets the other spouse could receive as their share of the property settlement in order to effectuate a buyout of the marital home. If there is disagreement about the home’s value, the parties can use comparative analysis either jointly or separately to determine the value of the home. If, after using comparative analysis the parties still do not agree, the parties can get a joint appraisal or individual appraisals. If no agreement on value can be reached at that point, the issue of the home’s value could be decided at trial.

Disposition of the marital home is a major issue in many Mississippi divorce cases. If you are planning to get divorced in Mississippi, it is essential that you speak with an attorney who understands the divorce process. Your Mississippi Divorce Attorney can explain the Mississippi divorce laws as they apply to your particular situation, and they can help you resolve your divorce in a way that works for you. To find out how Mississippi Divorce Attorney Matthew S. Poole can help you navigate the divorce process, please call our office today, at (601) 573-7429 to schedule a free consultation.

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Mississippi Divorce Attorney Provides an Overview of What Happens to the Marital Home During a Divorce
Mississippi Divorce Attorney discusses how the marital home is handled during a Mississippi divorce.