Asset Division Attorney serving Prosperity and all of South Carolina
The division of property and debts is an inevitable part of the divorce process. It can be a very complex part of the process. You and your spouse may be able to come to an agreement on asset allocation. However, you should still consult with an experienced divorce attorney to make sure that your best interests are protected.
With a strong background in finance, South Carolina attorney J. Darrell Beckham understands the complexities of asset and liability allocation in divorce, and is ready to help you today.
Equitable Distribution of Marital Assets
In South Carolina, assets and debts are not simply divided in half between spouses. Equitable distribution is a method of distributing property fairly between parties, but not necessarily evenly. The court considers many factors when dividing assets and debts, including:
- The length of the marriage
- Age and health of each spouse
- Marital misconduct, even in a no-fault divorce
- Contributions to the value of the property, by each spouse
- Income and earning potential of each spouse
- Non-marital property held by each spouse
- Spousal support
- Child custody
Marital and Nonmarital Property
Generally, marital assets are those acquired during the marriage and nonmarital property is that which is acquired before the marriage and after filing for divorce. Of course, it is not all that straightforward. There are some exceptions and gray areas.
Exceptions regarding property acquired during the marriage include:
- Inherited property
- Gifts, except those given by one spouse to the other
- Property that is excluded by contract, such as a prenuptial agreement
- Property acquired in exchange for any of the above
In some circumstances, nonmarital property may become martial property during the course of the marriage. There are several ways in which this can happen, including commingling of property and joint titling.
Mediation is now required in all counties in South Carolina in contested divorce. For some couples, mediation can help you reach an acceptable agreement in a shorter amount of time and with less expense. It is an opportunity for the two of you to decide how your property will be divided on your own terms, rather than relying on the decision of the court which may not please either one of you.
Mediation is not right for all couples. You are not required to settle all or any of the issues of your divorce in meditation.
To learn more about allocation of assets and liabilities in your unique situation, please call the Law Office of J. Darrell Beckham, LLC, at 803-364-9111 or contact us online right away to schedule your consultation.