How is a divorce settlement divided?

In South Carolina, the division of assets and debts acquired during the marriage is the divorce settlement. The division of the assets and liabilities can be determined through negotiation, mediation, arbitration, or through a decision by the court. The courts in South Carolina use the "equitable distribution" rule when deciding how to divide the assets and debts. This means that the court will try to divide the assets and debts fairly, but may not divide the assets evenly. The court will consider the length of the marriage, the health of the couple, the earning potential of each spouse, and the needs of any dependents when deciding how to divide the assets and debts. The court must also decide whether any separate property is to be included in the division. This can include property owned by either spouse before the marriage, inheritances, gifts, or property that was acquired after the marriage. The court will look at the situation and decide if the property was a gift, obtained in trade for a property owned before the marriage, or obtained as part of the marital estate. The divorce settlement is important to protect the financial interests of each spouse. The court’s decision should be fair to both parties involved and ensure that any assets or debts obtained during the marriage are divided in a way that is equitable to both parties.

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