Dividing Assets in a South Carolina Divorce: What You Need to Know
In a divorce in South Carolina, assets are generally divided according to the principle of “equitable distribution.” This means that the court will attempt to divide the assets fairly, but not necessarily equally.
The court will consider a number of factors when deciding how to divide the assets, including:
- The length of the marriage
- The age and health of the parties
- The income and earning potential of each spouse
- The education and vocational skills of each spouse
- The value of the marital property
- The tax consequences of the division of property
- Whether either spouse engaged in marital misconduct, such as adultery or domestic violence
Marital property is generally defined as any property acquired by either spouse during the course of the marriage, with some exceptions. Property that is owned by one spouse prior to the marriage or is acquired after the date of separation is generally considered separate property and is not subject to division.
It is important to note that while the court will attempt to divide the assets fairly, the final division may not satisfy both parties equally. However, it is possible for the parties to reach a settlement agreement regarding the division of assets outside of court through mediation or negotiation with the help of their respective attorney