What is Marital Property in South Carolina?

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 PropertyExample 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.