South Carolina code defines marital property as: “All real and personal property which has been acquired by the parties during the marriage and which is owned as of the date of filing or commencement of marital litigation… regardless of how legal title is held…” S.C. Code Annotated. This includes the family home, cars, and retirement accounts. Under South Carolina law, liabilities, such as credit card debt, mortgages and loans, must be divided equitably, or fairly, as well. Before the court is able to equitably distribute all of this property it must first separate marital assets and liabilities from non-marital ones, and set apart the latter to their respective owners. Typically property acquired before the marriage or by inheritance during the marriage is exempt and considered non-marital property.
All assets and liabilities acquired during the marriage must be equitably divided. There are many factors considered in Making Equitable Division. Some factors include:
○ Duration of Marriage
○ Financial/economic circumstances of each spouse
○ Child custody arrangements
○ Physical health of spouses
○ Separate maintenance or alimony that has been awarded
○ Tax aspects of divorce
The Law Office of Jason G. Soper takes the time to review and consider your particular set of circumstances. Contact the Law Office of Jason G. Soper to set up a free, in person consultation.