What is division of marital property?

Division of marital property is the process of distributing assets acquired during a marriage among two parties after a divorce. In South Carolina, the law requires that all assets and debts acquired by either party during a marriage, whether the asset or debt was acquired before or after the marriage, must be divided if the parties are not able to come to an agreement through negotiation or mediation. This process is often complicated and must take into consideration both the premarital property of each party, as well as any assets and debts acquired during the marriage. In South Carolina, marital property is divided according to the equitable distribution method. This means that the assets and debts are divided in a way that is perceived to be fair, even if it is not necessarily equal. The court will consider numerous factors, such as the length of the marriage, the age, health, and financial condition of each party, and any other factors deemed relevant in helping the court to determine what is an equitable division of property. It is important to note that South Carolina does not recognize any form of "community property" law or "community of gain" law. This means that all assets acquired by either party during the marriage belong to each party equally, regardless of who purchased or earned it, and must be divided accordingly.

Related FAQs

How is child support calculated?
What is a collaborative divorce?
What is a marital deduction?
Do I need a lawyer to file for a divorce?
What is an uncontested divorce with no children?
What factors will a court consider when granting a divorce?
What is a postnuptial agreement?
What is a constructive desertion?
What is a stipulation of settlement?
What are the legal requirements for a divorce?

What is division of marital property?

Related FAQs

Related Blog Posts