Divorces can be tricky matters to navigate through as they often bring up many different emotions. Sometimes, these emotions can lead to one spouse behaving out of character and doing things that only add more strain to the process. For instance, when a couple with a sizeable estate decides to divorce, one party may decide to withhold or “hide” some money to avoid having to divide it equally with their spouse.
When a spouse suspects that their husband or wife is hiding assets, they should consider hiring a Jackson, MS divorce lawyer who can help them uncover any concealed assets. In order to this, a lawyer may be required to bring additional professionals on board such as an accountant who can read through financial statements and other documents to determine if money is being intentionally misplaced.
Mississippi Follows the Equitable Division Principle
Not only is ethically wrong for a spouse to hide assets to avoid having to divide them with their spouse during their divorce, but this practice doesn’t conform to Mississippi’s laws. When a couple decides to divorce in Jackson, MS, their assets shall be divided according to the state’s equitable distribution principle. This means that any assets that were acquired during the marriage shall be divided equitably (i.e. fairly) during the divorce proceedings. The court will take into account several factors when deciding how to “fairly” divide marital assets.
Marital Property vs. Separate Property
Although a party cannot hide assets during a divorce to avoid having to divide them, parties involved in these types of matters do need to be aware that certain assets may not be subject to division. The assets that are subject to division are classified as marital property and, as mentioned, these are assets that were acquired during the marriage. Separate property, which is not subject to division, includes things like gifts, inheritances, and in some cases, property that was purchased prior to the marriage.
The assets an individual receives after their divorce has been finalized can have a dramatic effect on their life going forward. To ensure assets, property, and even debt is divided fairly, it is recommended that those involved in the divorce are represented by reputable Jackson, MS divorce lawyers.
Ballard Law, PLLC Can Provide Legal Advice and Guidance to Those Who Need It
When an individual is entering into a divorce with a substantial amount in assets, they need to be sure their rights and interests are protected. To do this, they will want to hire a Jackson, MS divorce attorney such as William E. Ballard who understands how important it is for assets to be divided fairly. To schedule a time to speak with attorney William E. Ballard regarding your situation, call 769-572-5111.
You can reach Ballard Law, PLLC at:
108 S. President Street
Jackson, MS 39201