Opinion ID: 1098133
Heading Depth: 2
Heading Rank: 2

Heading: whether the chancellor made an equitable division of marital assets?

Text: ¶ 22. The equitable distribution of marital assets is within the discretion of the chancery court. Yancey v. Yancey, 752 So.2d 1006, 1012 (Miss.1999) (citing Arthur v. Arthur, 691 So.2d 997, 1002 (Miss.1997); Ferguson v. Ferguson, 639 So.2d 921, 930 (Miss.1994)). The chancellor's findings will not be reversed unless manifestly wrong, clearly erroneous, or an erroneous legal standard was applied. Yancey, 752 So.2d at 1012. In the case sub judice, the chancellor did not abuse his discretion. ¶ 23. In Ferguson, this Court set out guidelines that chancery courts should consider, where applicable, when attempting to effect equitable division of marital property. 639 So.2d at 928. The chancery court should consider: (1) substantial contribution to the accumulation of property; (2) degree to which each spouse has expended, withdrawn, or otherwise disposed of marital assets and any prior distribution of such assets by agreement, decree, or otherwise; (3) the market value and emotional value of assets subject to distribution; (4) value of assets not ordinarily, absent equitable factors to the contrary, subject to such distribution, such as property brought to the marriage by the parties and property acquired by inheritance or inter vivos gift by or to an individual spouse; (5) tax or other economic consequences, and contractual or legal consequences to third parties, of the proposed distribution; (6) extent to which property division may, with equity to both parties, be utilized to eliminate periodic payments and other potential sources of future friction between the parties; (7) needs of the parties for financial security with due regard to the combination of assets, income, and earning capacity; and (8) any other factor which in equity should be considered. Id. at 928. Furthermore, the chancellor is not required to address each and every factor; indeed, the chancellor may consider only the factors he finds applicable to the marital property at issue. Weathersby v. Weathersby, 693 So.2d 1348, 1354 (Miss.1997). ¶ 24. It is clear from a reading of the judgment and amendment of judgment that the chancellor carefully identified and valued all marital assets, broke out the equitable value of each, and gave Thomas credit for contribution that he made to the marital assets. Also, the judgment states, Having considered the requirements for an equitable distribution of the marital assets of the parties.... Moreover, it is evident from a reading of the judgment that the chancellor took into consideration the value of support the Thomas furnished Teresa for her education, the comparative income capabilities of both parties, and the prior division of marital assets. All of these factors relate to the Ferguson factors. ¶ 25. Thomas argues that the chancellor did not consider all the Ferguson factors in considering the distribution of marital assets. As this Court has stated, the chancellor does not have to consider all the Ferguson factors. See Weathersby, 693 So.2d at 1354. Additionally, because the chancellor applied the correct legal criteria and determined which criteria he considered applicable, it simply cannot be said that the chancellor was manifestly wrong, clearly erroneous, or applied the wrong legal standard. ¶ 26. Thomas also argues that the chancellor committed reversible error in awarding him $8,500 in credit in the initial judgment, but only $3,500 in the amendment of judgment. Thomas has obviously not carefully read the judgment, as the chancellor was precise in setting out how he reached the marital distribution. The judgment reads as follows: The home equity, retirement and savings assets total $134,333.51 as marital assets. Defendant shall get a credit for the $6,500.00 initial home down payment and $2,000 taken by Plaintiff at separation from the joint account, which, less the value of his pickup truck and Mustang, totalling $5,000, leaves him a credit of $3,500 making the total marital assets to be divided of $129,333.00. (emphasis added). Obviously, the chancellor was not manifestly wrong in his calculations in the amendment of the judgment since the judgment has the same amount credited to the Thomas. ¶ 27. There is no basis for reversal on this issue, and the decision of the trial court is upheld.