One question many divorcing couples have is how assets are split. Couples often have ideas of what assets they would want to keep in a divorce.
During a divorce, couples will typically go through an asset division process. Couples can make an amicable asset division arrangement to divide assets as each spouse envisions. However, if couples do not agree to an asset division arrangement, then the arrangement may be decided in court. In South Carolina, marital assets are divided based on equitable distribution laws. Here is what you should know:
What does equitable distribution mean?
In a few states, marital assets are divided 50/50. However, South Carolina does not distribute assets equally. Instead, according to equitable distribution laws, marital assets are divided based on what is fair. This means that assets may be split 60/40 or more, depending on what a court decides.
How does a court decide on a fair division?
There are a few factors courts will typically consider before assessing a fair division of marital assets. These factors include:
- The length of a marriage
- Financial contributions
- Each spouse’s income
- Each spouse’s education and skills
- Each spouse’s medical conditions
- Age of couples
- Number of children
- Reason for a divorce
- Tax considerations
Spouses can prepare for a court hearing to negotiate a fair division.
How can couples protect their assets?
Not all assets are divided based on equitable distribution laws. For example, nonmarital assets, inheritance and gifts are not part of the marital estate. Furthermore, spouses can agree to a prenuptial or postnuptial agreement to control the division of assets in a divorce.
Legal guidance can help people seeking a divorce or asset protection explore their options. Since the process of dividing property in a divorce can be complex, it’s always wisest to engage professional guidance.
