Division of Assets and Marital Property in SC – Myrtle Beach Divorce Lawyers
After child custody, division of assets can be one of the more difficult aspects of a divorce for many of our clients.
Common questions that must be resolved may include:
- Who stays in the family home?
- Who keeps other properties that were purchased during the marriage?
- What will happen to the family business?
- Are military benefits considered marital property in SC?
- Are retirement benefits or pensions considered marital property?
- Who keeps which vehicles?
- How are bank accounts, insurance policies, stocks, or other financial investments divided?
Your Myrtle Beach divorce attorney at Axelrod and Associates will help you protect your assets and financial future by determining what is and what is not marital property and how the marital property should be divided.
Ideally, your spouse and their attorney will agree to an appropriate division of the marital assets. When they do not, your SC divorce attorney will present your evidence to the family court and ask a judge to make the decision.
How are Assets Divided in a SC Divorce?
Marital assets and marital property, that both spouses acquired together during the marriage, will have to be divided during the divorce.
Although the starting point may be an equal 50/50 division, equitable division does not always mean 50/50. Circumstances may exist that can help the court to determine equitable distribution, such as:
- Duration of the marriage;
- Ages of the spouses at the time of marriage and at the time of divorce;
- Physical and emotional health of both spouses;
- Income earning potential of both spouses;
- Additional training that may be needed for income earning potential;
- The value of marital property;
- The amount of non-marital property;
- Tax consequences;
- Marital misconduct;
- Liens, mortgages and other encumbrances on the property;
- Child custody;
- Previous support obligations for either spouse from a prior marriage;
- Both spouses’ retirement benefits; and
The factors used in determining equitable distribution of assets are specific to each case – some factors will apply to your situation whereas others will not.
What is Non-Marital Property in SC?
Non-marital property is property that was acquired before the marriage, or property that was a gift to the individual or that was received in an inheritance to the individual.
Each spouse is entitled to keep their own separate, non-marital property, while the marital property is subject to equitable division.
An important part of your SC divorce lawyer’s job is protecting your assets and your financial security, whether it is through a favorable agreement for equitable division or a favorable outcome at your divorce trial.
If you are considering a divorce or separation, talk to your Myrtle Beach divorce lawyer at Axelrod and Associates immediately to find out what steps need to be taken to protect your interests. Call at 843-353-3449 or complete our contact form to set up an initial consultation.