for the Court:
¶ 1. John Jones
¶ 2. But we reverse the award of “nominal” permanent alimony. Having found the property division was sufficient, the chancellor abused his discretion by nonetheless awarding alimony based on Jane’s possible future needs and John’s possible future income. Because there was no present basis for the award, we reverse and render the alimony award of $10 per month.
¶ 3. We also reverse the award of $18,250 for attorney’s fees and expert-witness expenses. While this is an issue “largely entrusted to the sound discretion of the trial court,”
Background Facts
¶ 4. The record in this case was sealed by the chancellor, due to outrageous and unsubstantiated claims John made during the contested phase of the divorce. Since John does not appeal the chancellor’s grant to Jane of a divorce based on John’s habitual cruel and inhuman treatment, we see no need to delve into the lurid factual allegations that led to John and Jane’s divorce.
¶ 5. John does, however, argue the chancellor improperly considered his marital fault when equitably dividing the marital estate. This estate was amassed during John and Jane’s twenty-eight-year -marriage, during which they enjoyed a financially comfortable lifestyle. In addition to various family businesses that either employed John or provided income, John also earned income as an attorney. Jane worked primarily in the home, taking care of the household and children.
¶ 6. After determining what assets belonged to the marital estate and their value, and taking into consideration the amount of debt owed on the assets, the chancellor awarded Jane 62.5% of the estate and John 37.5%. The chancellor applied the factors from Ferguson v. Ferguson,
¶ 7. But the chancellor also recognized John as the sole contributor to the end of the long marriage. Consequently, the chancellor found equity dictated Jane receive a larger portion of the marital assets, versus a fifty-fifty split. Specifically, the chancellor awarded Jane: $1,014 in cash, her personal vehicle, her retirement accounts, both her and John’s shares in the bank, six of John’s individual retirement accounts, and a condominium in Oxford, Mississippi, free and clear of all liens.
¶ 8. Because the total value of these assets were less than 62.5% of the marital
¶ 9. Specifically, the chancellor awarded John the ownership interest in the car dealership, the ownership interest in the other family business, the real property in Scott County, Mississippi, and a collection of Civil War memorabilia. The chancellor also ordered that John be solely responsible for his more than $466,715 in various debts, and Jane be solely responsible for her more than $14,886.67 in various debts.
¶ 10. The chancellor found the property division, which included the $25,000 annual payments, eliminated the need for alimony. But because the chancellor found Jane met the criteria for permanent — or periodic— alimony, he awarded her a “nominal” $10 per month in permanent alimony, in the event Jane’s need for alimony ever increased and John’s income and ability to pay also increased.
¶ 11. Finally, the chancellor found Jane did not have the ability to pay her attorney’s fees. The chancellor ordered John pay $14,000 towards her attorney’s fees, plus $4,250 toward the expert witness’s fee, for a total of $18,250.
¶ 12. John appeals the financial awards to Jane — (1) the 62.5%/37.5% split of the marital property in favor of Jane; (2) the award of “nominal” permanent alimony of $10 per month; and (3) the award of $18,250 in attorney’s and expert-witness fees.
Discussion
I. Equitable Distribution of Marital Property
¶ 13. In reviewing the chancellor’s equitable division, we employ the familiar manifest-error standard of review. See Vaughn v. Vaughn,
¶ 14. Here, in ordering the equitable distribution of the Joneses’ marital property, the chancellor applied the correct legal standard, following the directive to “(1) classify the parties’ assets as marital or separate property, (2) determine the value of those assets, and (3) divide the marital estate equitably based upon the factors set forth in Ferguson.” Smith v. Smith,
A. Categorization of Assets
¶ 15. First, the chancellor determined what property was marital. The chancellor found, because John had commingled the assets given to him by his father, these assets were marital through the family-use doctrine. See Stewart v. Stewart,
B. Valuation of Assets
¶ 16. The chancellor next determined the value of the marital estate. Factoring in the debts owed on marital assets, the chancellor valued the estate at $1,117,049.50. While John balks at the value assigned to several assets, John has failed to show how the record supports these valuations were manifestly wrong or clearly erroneous.
¶ 17. For example, John argues the chancellor erred by relying on Jane’s financial expert when assigning the value to one of the family businesses, an asset ultimately awarded to him. John asserts the expert’s valuation of the business was based on hearsay. But Mississippi Rule of Civil Procedure 703 permits “an expert’s opinion [to] be based off of inadmissible evidence, such as hearsay, if it is of a type reasonably relied upon by experts in the particular field.” Martin v. Miss. Transp. Comm’n,
¶ 18. John also asserts the chancellor erred by relying on John’s Rule 8.05 financial-declaration form to assign values to certain assets because John’s responses were merely “guesstimates.” See UCCR 8.05 (requiring in all domestic matters involving property disputes that each party provide a detailed written disclosure of his or her financial status). But as a licensed attorney, John knew, or should have known, that the chancellor could — and would — rely on the financial information he submitted to the court. “A Rule 8.05 statement is a mandatory filing with the chancery court that provides that court with accurate financial information to assist in its equitable distribution of the divorcing parties’ assets.” Trim v. Trim,
¶ 19. And to the extent the chancellor viewed other information on John’s Rule 8.05 with skepticism, we find such credibility findings were also within the chancellor’s discretion as fact-finder. See Holley v. Holley,
¶ 20. Thus, it appears John wants to have it both ways — arguing his valuations were correct and should have been applied when they benefitted him but merely “guesstimates” when they did not. As it was for the chancellor to weigh the credibility of John’s information, we will not disturb the values the chancellor assigned — especially when John fails to show why they were incorrect.
C. Division of Marital Assets
¶ 21. Finally, the chancellor went through the Ferguson factors to determine how the marital estate should be equitably divided. These eight factors are:
1. Substantial contribution to the accumulation of the property[;]
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2. The 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[;]
8. The market value and the emotional value of the assets subject to distribution!!;]
4. The 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 and other economic consequences, and contractual or legal consequences to third parties, of the proposed distribution;
6. The 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. The 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.
Ferguson,
¶ 22. John challenges the chancellor’s findings on almost every factor.
1. Contribution
¶ 23. In considering each spouse’s contribution, Ferguson directs chancellors to weigh not only the “[d]ireet or indirect economic contribution to the acquisition of the property” but also the “[c]ontribution to the stability and harmony of the marital and family relationships.”
¶ 24. Regarding economic contribution, John argues this factor instead favors him because it was his family’s generosity — through gifts and job opportunities — that led to the accumulation of the marital assets. Though acknowledging John’s contributions, the ehaneel-
¶ 25. Regarding contribution to the stability and harmony of the marriage and family, John argues the chancellor unfairly penalized him for his actions that led to the Jane being granted a fault-based divorce.
¶ 26. Marital fault is “relevant to the chancellor’s consideration of equitable distribution [when] it impact[s] upon the harmony and stability of the marriage.” See Singley v. Singley,
¶ 27. Here, the chancellor found John’s actions had such a negative impact on the harmony and stability of the marriage that the chancellor ordered the record be sealed to stave off any further damage. Thus, we find no error in the chancellor determining John’s misconduct warranted that Jane receive a larger portion of the estate. In fact, Singley, Watson, and Sullivan indicate it would have been an abuse of discretion had the chancellor ignored the pervasive effect of John’s actions on the marriage and divided the estate equally-
¶ 28. John asserts he should not suffer the financial consequences of his actions because they were not willful, but instead stemmed from mental illness. While it was mentioned that John may be mentally ill, John did not seek to prove any mental illness at trial as a defense to Jane’s allegations of habitual cruel and inhuman treatment. See McIntosh v. McIntosh,
¶ 29. Further, it is clear from the chancellor’s findings that his intention was not to “penalize” John but instead to keep from penalizing Jane, who had made extraordinary efforts to keep her marriage together. So stated positively, the chan
2. Emotional Value of Assets
¶ 30. John also argues the chancellor ignored his emotional attachment to the-marital assets acquired through his family. But our review reveals that the chancellor did consider John’s emotional attachment to these assets. The very reason the chancellor ordered John to pay ' Jane $186,226.77 in cash was so that John could retain as much of the Jones-family assets as equity would allow, while still ensuring Jane received 62.5% of marital estate.
3. Value of Assets Not Subject to Distribution
¶ 31. This factor requires chancellors to consider both spouses’ separate estates and how their nonmarital property may affect how the marital property is divided. See Deborah H. Bell, Bell on Mississippi Family Law § 6.08[2][c] (2005); see also Welch v. Welch,
A Extent to Which Property Division May Eliminate Need for Alimony
¶ 32. Under this factor, the chancellor must consider “[t]he 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.” Ferguson,
5. Financial Needs of Parties
¶ 33. John argues the chancellor overestimated his financial security, while underestimating Jane’s. Throughout his brief, John makes general references to his diminished financial state and loss of ability to earn an income and service his debts. But he fails to show how the overall record proves the chancellor’s findings regarding his financial security were manifestly wrong or clearly erroneous. What the record does show is that the chancellor specifically found John had played “fast
6. Any Other Equitable Factor
¶ 34. John uses this final factor to make a plea that the property division was not fair. Indeed, “fairness is the prevailing guideline” when dividing marital property. Ferguson,
II. “Nominal ” Permanent Alimony
¶ 35. However, we do find manifest error with the award of “nominal” permanent — or periodic — alimony in the amount of $10 per month. See Armstrong v. Armstrong,
¶ 36. By referring to the award as “nominal” alimony, it does not appear that the chancellor was trying to address an actual deficit in the property award. Rather, he admits he was simply leaving the door open in case future events prove Jane has a need and John has an ability to pay. Such a contingency plan, while well-meaning, simply is not supported by our law. Alimony is to be considered as a remedy to an actual insufficiency in the marital assets, not as a contingency for a possible insufficiency in the future. Because the chancellor found the division of marital property left no need for alimony, we find it was error for the chancellor to nonetheless award “nominal” alimony. We reverse and render the award of $10 per month in permanent alimony award.
III. Attorney’s and Expert-Witness Fees
¶ 37. We also reverse the award of $18,250 for attorney’s fees and
¶ 38. In Watson, though “reluctant to disturb a chancellor’s discretionary determination whether or not to award attorney[’s] fees,” the supreme court reversed and rendered an award of attorney’s fees because, “with respect to the financial position of the parties after the divorce decree, it [was] evident that [the wife was] financially able to pay for her own attorney’s fees.” Id. at 357 (¶ 30) (emphasis added); see also Pacheco v. Pacheco,
¶ 39. THE JUDGMENT OF THE SCOTT COUNTY CHANCERY COURT IS AFFIRMED IN PART AND REVERSED AND RENDERED IN PART. ALL COSTS OF THIS APPEAL ARE DIVIDED EQUALLY BETWEEN THE APPELLANT AND THE APPELLEE.
Notes
. The chancellor has sealed this case as confidential. The names of both parties, as well as other identifiers, have been changed to maintain confidentiality. See M.R.A.P. 48A.
. Ferguson v. Ferguson,
. Id. at 937.
. John does not challenge the tax-and-economic-consequences factor. And he makes a vacuous argument about the dissipation-of-the-assets factor we need not address.
. The “[cjontribution to the education, training or other accomplishment bearing on the earning power of the spouse accumulating the assets” should also be considered. Ferguson,
