SC: Property Division
In almost every divorce or separation, assets need to be divided. South Carolina follows the law of equitable distribution for evenly dividing marital assets and debts. First, “marital” property and debt must be identified, classified, and valued. Next, that property and debt must be divided according to the guidelines of state laws. Having an experienced attorney can provide you with a legal strategy that is focused on keeping the assets that are most important to you during the division.
What is considered marital property?
The general rule is that the property and debt you acquire between the day you get married and the day someone files a court action are marital. It does not matter how the property is titled or how the debt is held. A 401k in your name can be marital. A credit card in your spouse’s name can be marital. Equal is not always equitable and there are some circumstances in which a court could find that an unequal division of property is warranted. The court will consider the length of the marriage, the custody arrangements, the financial circumstances of each spouse, the non-marital property of each spouse, tax consequences to each party, the support being paid or received, each spouses’ contributions to the marriage, misconduct, and other factors. It is wise to consult with a South Carolina divorce attorney to understand how these factors might impact your property division case. Do not take chances. You have worked too hard to earn what you have. Our attorneys will help you to decide what is worth fighting for, and what is worth letting go of. Unfortunately, divorce and separation do mean less. You will have less than what you have together in a marriage. But you can make the most of the assets that are apportioned to you if you take the time to think and plan.Back