Experienced, Meticulous, Equitable Property Division

Sometimes people break divorce into two parts — the emotional part and the financial part. Really, however, both sides are emotional. Property division is about dividing dreams and memories in half. People can have deep feelings about this division.

At Heidi S. Milam, Attorney at Law, PLLC, we approach the process of property division in a straightforward way. It begins as a simple balance sheet. The two parties must write down all their assets, noting which ones are nonmarital (acquired outside the marriage) and which ones are marital. Gifts and inheritances are usually classed as nonmarital.

Everything that can be divided in half is divided. This includes cash, investments, retirement benefits and more. Dividing some items, such as 401(k)s, requires considerable skill.

Nonfinancial items often must be appraised to ascertain their value. This can include real estate, vehicles, collectibles, even family businesses. These valuations must be dated, and both sides must agree on the dating.

The two sides are allowed to swap out items of similar value so that they do not have to be divided in half. A family home, for instance, may go to one side, while the family business goes to another.

In some cases, items that cannot be divided are put on the market and sold, with each side getting half.

Many questions arise in property division. At Heidi S. Milam, Attorney at Law, we often do complex property division in which substantial sums or family businesses are at stake. Lawyer Heidi Milam divides debts, which have their own rules, as well as assets. We may conduct searches for hidden assets when they are not visible on the table. And we resolve issues arising from assets that have been commingled.

We do not always have all the answers. When necessary, we draw on the talents of forensic accountants and other appraisers to properly value the assets at hand.

Property division is an essential part of divorce, and we work to apply the same level of knowledge and skill as in other elements of divorce.

To learn more, contact Heidi Milam at our Southaven, Mississippi, office, or email us your questions.