Gray divorce typically refers to a divorce between older couples who have been married for quite some time. The portfolio of assets held by the couple is often significantly more substantial than that of a younger couple. Therefore, there is a greater amount of preparation and planning for the future involved.
Even if you are in the midst of an amicable divorce, you may need the services of an attorney to complete the process. Residents of Mississippi should make sure they understand their state’s unique position when it comes to the disposition of property.
Mississippi is an equitable distribution state
If both spouses are on the title to cars, deeds of trust or retirement accounts, then the marital assets will be divided using the equitable distribution principle. Mississippi is not a community property state, and there is no requirement to divide property 50/50. However, this rule of law only applies when both parties cannot reach an agreement prior to going to court and it is left up to the Chancellor or chancery court to decide. In these matters, the distribution of property is at the sole direction of the judiciary. This makes legal representation by an experienced attorney advisable.
Other consideration for the division of property
It’s important to understand that gray divorce involves the division of assets after a lengthy marriage. This scenario poses different challenges than what younger couples face in divorce, especially when it comes to investments and retirement assets.
Divorce is a complex process, no matter how amicable the separation may be. You may want to seek out the assistance of a family law attorney if you find that you need help navigating the financial waters of your divorce. An attorney may work to help you reach an equitable division of assets as they are familiar with state laws and sometimes the jurists who make the decisions.