Equitable Distribution (Division of Assets and Debts)
When considering legal separation or divorce you will be required to divide all marital property and debts. It’s best that you consult an experienced and qualified family law attorney to advise you of your options and help you make informed decisions as you work your way through the South Carolina family court system during this highly emotionally charged time in your life. See more information about equitable distribution in the What You Should Know section below.
South Carolina Family Law Attorney For Equitable Distribution
The experienced divorce attorney at Victoria Law Firm strives to be the best family law attorney in South Carolina and can answer your divorce and legal separation questions, as well as guide you through the laws surrounding equitable distribution of assets, divorce and legal separation, alimony and spousal support, child support, and child custody and visitation, etc. Family Law clients in the state of South Carolina, if you are seeking legal separation or divorce, our family law divorce lawyer will help you understand South Carolina family law and your options.
Free Consultation About South Carolina Equitable Distribution (Division of Assets and Debts)
Clients in the Spartanburg, Greenville, and Anderson, South Carolina areas should call us today for a free case evaluation from our qualified family law divorce attorney for your equitable distribution and division of assets and debts during your legal separation or divorce. We will discuss your divorce questions and we always work in strict confidentiality with our Family Law clients. Call us today to discuss your divorce situation, find out what your options are for fair equitable distribution and division of assets and debts, and learn how to protect yourself and your finances.
What You Should Know About Equitable Distribution (Division of Assets and Debts) in South Carolina
Equitable distribution involves identifying financial assets like house, cars, and personal property acquired during the course of the marriage with marital funds by either party and dividing them fairly, though not always equally. It does not matter whether the asset is titled in your names, your spouse’s name, or both names. Property acquired prior to the marriage is usually not subject to distribution, however, the existence of non-marital property may affect an equitable distribution.The marital estate, which also consists of marital debts incurred during the marriage, is equitably divided between the parties as well.
Non-marital assets typically are not considered and subject to equitable distribution. These can include inheritances, pre-marriage assets, and gifts made to either party from others. However, having an experienced divorce attorney will be helpful in figuring out which circumstances would cause some non-marital assets to become marital assets.
South Carolina Code Section 20-3-620 lists 15 factors for the Family Court to consider when dividing debts and assets, and each court will determine how much each will factor into the decision. Should you fail to protect your interests by contacting us, you could permanently waive your interest in certain marital assets and/or be ordered to keep excessive marital debts.
Some of the 15 factors the court may consider in equitable distribution include:
Length of marriage
Marital and non-marital assets
Age and health of both spouses
Child custody and child support obligations
Potential alimony and spousal support awards
Income of each spouse
Contributions made by each party
Marital misconduct by either party
CALL OUR OFFICE TO SCHEDULE YOUR EQUITABLE DISTRIBUTION DURING DIVORCE OR LEGAL SEPARATION CONSULTATION TODAY.
Financial information you will need during your separation or divorce process in South Carolina
This list is not all inclusive. Call us today to get you started in the right direction with more information.
Checking and Savings Account Information (including bank names and account numbers and current balances)
Retirement Plans, pensions, 401(k), IRAs, etc
Money market accounts, mutual funds, stocks and bonds
Certificates of Deposit
Real estate and time share properties
Accrued vacation time for each party
Life insurance policies for both spouses
Expected tax or government refunds
Medical Savings Accounts
Valuable personal property
Personal lines of credit or loans
Loans on vehicles, boats, or other vehicles