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The court can divide assets and the court can divide debts. However, a Mississippi Chancery Court order will not supersede whatever contract you signed with your creditor. For example, if the Court orders your wife to pay for the furniture that she bought in both of your names on credit at Miskelly’s which is now in her new apartment and being used for her and her new boyfriend to watch Friends reruns and for who knows what else, and she fails to make timely payments, your credit will be affected.
Taxes are one of life’s certainties. I do not do tax work nor give tax advice. I can make some general observations that you should be ready to address with your CPA or tax attorney. I am not a CPA and I am not a tax attorney.
Mississippi decides property division based on equitable distribution, and they are the only state in the U.S. that takes the name on the title of property into account.
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