Opinion ID: 1707999
Heading Depth: 2
Heading Rank: 3

Heading: the chancellor erred by failing to equitably divide the marital assets.

Text: ¶ 21. In this next assignment of error, James contends that the Judgment of Divorce made no final division of property and, essentially left him with all of the responsibility and few of the benefits associated with the property. Moreover, contends James, the court below completely failed to consider the impact of the marital indebtedness on the division of the marital property. ¶ 22. This Court has established eight factors a chancellor needs to consider when dividing marital assets. Collins v. Collins, 722 So.2d 596, 599 (Miss.1998); Ferguson v. Ferguson, 639 So.2d 921, 928 (Miss.1994). ¶ 23. In this case, the chancellor reviewed all of the assets and liabilities of the parties. During the marriage, James and Shirley acquired real property. Two months prior to the marriage James purchased a home. Each of the parties had accumulated debts. In his judgment the chancellor awarded Shirley a lien in the amount of 50% in and to all of the property acquired by the parties including the home. However, the chancellor awarded James the right and obligation to sue and manage all of the said properties and, the income derived from the properties. James's management of the properties is to be in a manner consistent with the best interests of both parties. Further, James was ordered to provide an accounting showing rentals, vacancies, rental income, repair, maintenance and other expenses, and any other matters pertaining to the on-going management and operation of the properties. From this, it would appear that the chancellor intended there to be a 50% lien on the growing value of the property. The chancellor adjudged that Shirley be responsible for the payments of all and other outstanding debts listed on her financial declaration with the exception of the Discover card. The chancellor adjudged that James be solely responsible for the payment of debts or liabilities listed on his financial declaration including the debts associated with the real properties. ¶ 24. This Court has previously recognized that an equitable division of property does not necessarily mean an equal division of property. Collins, 722 So.2d at 600; Chamblee v. Chamblee, 637 So.2d 850, 863-64 (Miss.1994). A review of the record shows that the chancellor granted an equitable distribution of the marital assets. Each party was adjudged responsible for debts created by them individually, and there was a 50% lien as to all real property acquired by the parties during the marriage awarded to Shirley. However, the record is insufficient for this Court to be certain of the chancellor's finding regarding this issue. We remand for the chancellor to clarify whether the 50% lien was fixed as of the date of the divorce or is a growing value of the property.