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Knowing the difference between marital and separate property

On Behalf of | Nov 18, 2021 | Divorce |

Upon deciding to dissolve a marriage, individuals in Mississippi and elsewhere may face a variety of difficult choices as they prepare to protect their futures. For many, one vital topic to address might pertain to the process of property division. While preparing a strategy for this aspect of divorce, one may find it helpful to seek insight on the differences between marital and separate property, as such information could have a significant influence on one’s decisions. 

Marital versus separate 

Experts indicate that any assets obtained during a marriage typically constitute as marital property and will be subjected to the process of property division. This may include assets ranging anywhere from real estate purchases, incomes and contributions to retirement plans. Alternatively, any assets one acquires prior to entering a marriage may retain their separate identity throughout divorce. 

However, distinguishing between marital and separate property can be complex and there are some scenarios in which separate assets may lose their identity and become marital property. This could occur if separate assets are mingled with marital property in any way. If a person owns a home before entering a marriage, and the overall value of the home increases during the marriage, a portion of this increase may also be deemed marital property. 

Guidance through the process 

Individuals who are facing divorce and remain uncertain of how best to prepare for what comes next could benefit from seeking guidance prior to entering the process. With a great deal at stake, a person in Mississippi could consider speaking with a family law attorney for advice on every vital topic to address. An attorney can provide a client with guidance in making informed decisions about the situation at hand and assist in creating a strategy with which to seek the best outcome achievable concerning his or her future during subsequent divorce proceedings.