Deciding how you and your spouse will distribute marital assets and liabilities is often one of the most challenging parts of filing for a divorce.
At Blood Law, PLLC, our Greenville property and debt division attorneys can help you protect your assets and work towards an equitable, mutually beneficial solution with your soon-to-be-ex.
To schedule a consultation with our team, contact us online or via phone at (704) 286-0570.
Understanding Property and Debt Division in South Carolina
South Carolina is an equitable distribution state, meaning that spouses must divide marital assets and liabilities in a fair manner.
Importantly, this does not necessarily mean that you need to split marital property equally with your spouse. The judge could award you a greater share of the marital property than your spouse if they believe doing so is equitable, or vice versa.
There are two types of property that factor into property division cases:
- Separate property. Separate property includes assets and liabilities acquired prior to the marriage.
- Marital property. Marital property includes assets and liabilities acquired during the marriage. Even if an asset or liability is owned under one spouse's name, if it was acquired during the marriage, it may still be considered marital property.
It's important to note that separate property can transform into marital property over time. This commonly happens when one party purchased a home prior to marriage that they then shared with their spouse. The original homeowner may get a greater share of the home's value, but the home may be considered a marital asset if both parties contributed to payments for it and utilized it throughout their union.
Many couples underestimate how much of their assets and liabilities will be considered marital property by the court. As a result, divorcees often find themselves saddled with unexpected debts or assets that they assumed were the separate property of one party.
Courts consider a multitude of factors when determining how to distribute marital property:
- The income and current financial status of each party;
- Whether either party is engaged in an alimony or child support arrangement;
- Which party acquired custody (assuming they share a child or children);
- How each party contributed to the marital property;
- The roles each party played during the marriage;
- Whether either party committed behavior such as substance use, domestic abuse, or adultery that led to the dissolution of the marriage;
- Any other factors the court considers relevant to the case.
If you don't wish to have the court hand down a judgment in your property division case, you can negotiate with your soon-to-be-ex to draft a property division agreement detailing how you'd like to distribute marital property. If a court assesses the agreement and verifies that it is equitable, a judge will sign it, finalizing your property division arrangement.
The number of factors that could impact your property division arrangement makes it vital for you to have an attorney you can trust by your side throughout your divorce.
At Blood Law, PLLC, our Greenville property and debt distribution attorneys can help you evaluate your property and reach an equitable arrangement with your spouse.
To schedule a consultation with an experienced property division lawyer today, contact us online or via phone at (704) 286-0570.
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With offices in Charlotte and Waxhaw as well as in Greenville and Fort Mill, we make it easier for families across the Carolinas to find quality counsel.
Children Come First
With the complexities of family law, we put the well-being and safety of your children at the forefront of your case.
When you work with Blood Law, PLLC, you work with our entire team. Everyone is here to support you through each step.
We create personalized plans for each client while setting realistic expectations on the possible outcomes of the case.
From our first phone call to final signing, our team goes above and beyond to make sure you're getting the attention you deserve.