Mississippi Divorce Attorney Talks about Financial Disclosure in Divorce Cases

The process of divorce involves separating both the emotional and the physical aspects of the parties’ lives. In every divorce case, couples dive deep into learning about their joint and separate household finances. They explore things that are good, such as their assets, things that may be bad, such as their debts, and sometimes even things that are ugly, like financial secrets that one party has hidden from the other for years.

Most of the exploration of a couple’s financial situation takes place during the discovery process, where a lot of other information about many other topics is being exchanged as well. The reason that all of this financial information is exchanged is so that the couple can identify all of their various debts and assets, classify them as marital property or separate property, and know their current values. This exchange of information enables each of the parties to identify what they most want to obtain as part of their property settlement. It also often gets the ball rolling on talking about which of them will keep which assets and pay which liabilities as part of the property settlement in their divorce. The financial information that is exchanged by the parties during discovery is also relevant to the issues of alimony and child support.

When soon to be former spouses discuss the issue of how they will divide their debts and assets, they should keep in mind that in Mississippi, the courts favor a roughly equal distribution of marital assets and debts. This is not to say that an unequal distribution won’t be approved by the court, only that the parties must present evidence that will help the court understand why the property should be distributed in an unequal manner. Situations in which an unequal distribution might be found by the court to be justified include cases where one spouse gave away items or sold them for much less than their actual value in order to deprive their soon to be former spouse of them and cases where one party used marital assets to maintain an extramarital relationship.

The property distribution portion of your Mississippi divorce case can be difficult to navigate, but it doesn’t have to be. When you enlist the aid of a Mississippi Divorce Attorney, you align yourself with someone who can help you to understand whether a proposed property distribution agreement is fair as well as any potential tax or other consequences that accepting any given proposed property distribution agreement may have in the future. Your attorney can also help you to negotiate with your soon to be former spouse, in the hopes of creating a property distribution agreement that gives you more of what you are looking to get out of your divorce. Mississippi Divorce Attorney Matthew S. Poole can answer your questions about property distribution or any other aspect of your Mississippi divorce, so call us today, at (601) 573-7429, to set up a free consultation.

 

Summary
Article Name
Mississippi Divorce Attorney Talks about Financial Disclosure in Divorce Cases
Description
Mississippi Divorce Attorney explains financial disclosure in divorce.

Tags: