What is Marital Property in South Carolina?
In South Carolina family court views marital property as all the real and personal property acquired during the marriage; and owned at the date of filing for a divorce.
Marital property usually includes:
- cash on hand
- money in checking, savings, and other financial accounts
- retirement or pension funds
- life insurance cash value
- stocks and bonds
- real estate
- motor vehicles and boats
- jewelry (excluding the engagement ring which is a non-marital gift)
- household contents; and
- any other property of value
Marital property typically not considered:
- Property acquired through an inheritance or gift from someone other than their spouse,
- Pre-marital property swapped for other property isn’t marital
- Pre-nuptial agreement may specify that certain property is non-marital
- Property that was acquired before the marriage
- Property acquired after filing in family court (unless it was acquired by exchanging marital property)
South Carolina family court Considers that non-marital property are non-marital unless the property increased in value because of the efforts of the other spouse during the marriage such as helping to repair a run-down, non-marital home.
Sometimes a non-marital property may become marital or otherwise be subject to valuation by the family court when there is commingling, transmutation, or the creation of special equity.
1- Commingling of Non-Marital Property – Example of commingling is when the couple deposits their martial funds from paychecks, etc. into a financial account that belonged to a party prior to the marriage.
2- Transmutation of Non-Marital Property – Example of transmutation is when one party owns a home prior to the marriage, but both parties live there during the marriage and both pay the mortgage.
3 – Special Equity in Non-Marital Property – Example of special equity interest is when one spouse repairs or maintains the other spouse’s inherited property.