Can You Divorce Without Splitting Assets?
When you file for a divorce, you have to split all assets or properties you acquired during your marriage with your spouse.
However, the manner of splitting will vary from state to state. Equitable distribution states ensure a fair and equitable division of assets. Because of this, property division is not necessarily evenly split during a South Carolina divorce.
If you’re concerned about splitting your assets fairly, Sarah Henry is here to help. With an attorney on your side, you can rest easy that you’ll have a better chance of getting a fair split of your assets.
What Is Marital and Non-Marital Property in South Carolina?
As an equitable division state, South Carolina divorce proceedings involve the family court judge evaluating evidence from both spouses. The judge determines the fair and equitable settlement of the marital property. A South Carolina family law attorney can help you identify your marital and non-marital property and the factors that affect the property division.
Generally, marital property in South Carolina is any real or personal property acquired by the parties during the marriage and owned as of the date of filing. This includes homes, cars, boats, rental property, and businesses owned by the parties as of the date of filing. There are exceptions to this definition and a qualified attorney can help you figure out which property qualifies as marital and which is non-marital.
Some of those exceptions may include property that is:
- Inherited by or given to a spouse by a third party during the marriage and was never declared or converted into marital property
- Acquired by a spouse after the filing divorce proceedings
- Excluded from the marital property from the beginning through a written contract, like a prenuptial agreement
All of these exceptions require an analysis of your particular set of facts, and an understanding of how the court defines the marital property.
Factors Affecting Property Division in South Carolina
The state uses a list of factors to determine a fair property division in marital assets. Below are some of the factors you need to consider when speaking with your lawyer:
- Marital Misconduct – Several states allow at-fault divorces where spouses proved to be at fault are prejudiced in receiving less. In South Carolina, the at-fault spouse may be due a smaller percentage of the marital property depending on the details of the case.
- Economic Misconduct – Spouses with reckless and fraudulent spending may be awarded a smaller settlement. Evidence such as excessive gambling or spending may be grounds for the courts to decide that a spouse has been responsible for certain debts accrued during the marriage. South Carolina also recognizes the contributions of a stay-at-home spouse.
- Financial Contribution – The court considers the contribution of each spouse to the acquisition, preservation, depreciation, or appreciation in value of the marital property, including the contribution of the spouse as homemaker. T
Protect Your Assets with a South Carolina Divorce Attorney
Property division during divorce can get messy and complicated. Because of this, it’s important to seek help when splitting your assets. While you’ll need to divide your assets, your lawyer can help you determine how your assets should be divided.
If you’re ready to seek out an attorney, contact a reputable South Carolina family lawyer at Sarah Henry Law for assistance. Call us at 864-478-8324 or fill out the following online contact form.