How to Handle Property Division During a Divorce in South Carolina

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nAre you preparing for a divorce in South Carolina? It is crucial that you understand how South Carolina law works for property division. Our state uses an equitable distribution standard. Marital property will be split between the spouses in a manner that is deemed “fair” given the specific circumstances. Within this article, our Greenville divorce attorney provides a guide for handling property division in South Carolina.

South Carolina Divorce Laws (Property Division)

If you get divorced in Greenville, your property division will be handled under South Carolina law.

You may be wondering if South Carolina is a community property state.The answer is “no.” South Carolina is not a community property state. Instead, it follows the “equitable distribution” standard.

Under SC Code § 20-3-630, a divorcing couple’s marital assets will be divided in a “fair” manner. A 50/50 split of the property is possible—but it is not guaranteed by law. When applying the equitable distribution standard, a court in South Carolina can consider a wide range of different factors, including:

  • The duration of the marriage;
  • The age and health of each spouse;
  • The income and earning potential of each spouse; and
  • Any contributions to the marriage, such as homemaking and childcare.

Ultimately, the goal of the property division is to reach a solution that places each party in a fair financial position post-divorce. Property is always divided on a case-by-case basis. How exactly it will be split depends on many factors that are unique to each relationship. A Greenville, SC divorce lawyer can help you navigate the inherent challenges of property division.

Two Classification of Property in South Carolina

Before you apply the equitable distribution standard in a divorce in South Carolina, you need to know how your property is classified. There are two classifications of property for the purposes of divorce in South Carolina. The classification will impact distribution. Here is an overview:

  • Separate Property South Carolina: Separate property is not subject to equitable distribution in South Carolina. It is defined as assets and debts that belong solely to one spouse. The category typically includes property acquired before the marriage, inheritance received by one spouse, gifts from third parties to one spouse, and any items excluded through a valid prenuptial agreement or postnuptial agreement.
  • Marital Property South Carolina: Marital property is subject to equitable distribution in South Carolina. Marital property encompasses all assets and debts acquired by either spouse during the marriage, regardless of whose name is on the title. This includes but is not limited to, real estate, bank accounts, vehicles, investments, and retirement accounts accumulated during the marriage.

Complex Property Can Be Especially Challenging to Divide in a Divorce

How difficult is property division in a divorce in South Carolina? The answer to that question depends, in large part, on the extent of the assets owned by the spouses. Certain types of property—complex assets—can be especially difficult to split up.

Here are some of the most common examples of complex property in South Carolina divorce cases:

  • Real Estate: Real property (real estate) often represents both significant financial value and strong emotional attachment. Real estate—especially the family home—is hard to split up in a divorce. In some cases, property may need to be sold to facilitate property distribution.
  • Business Interests: Are you or is your spouse a business owner? Dividing business interests in a divorce can be particularly challenging. There is a need to assess the business’s value accurately and the impact of the division on its operational viability. Forensic accounting may be required.
  • Retirement Accounts: Retirement accounts require careful handling as they are subject to both legal and financial implications. Specific rules govern the division of these assets, and often a Qualified Domestic Relations Order (QDRO) is needed to distribute funds without incurring penalties or tax consequences.
  • Investment Portfolios: Investment portfolios can be intricate to divide due to their fluctuating values and the tax implications associated with liquidating assets. The division process requires a detailed analysis of the types of investments and their market value.
  • Personal Heirlooms: Heirlooms present unique challenges as their value is not solely financial but also sentimental. The division often hinges on emotional attachments and the history associated with these items. In some cases, creative approaches are required for these types of issues.

Marital Debt is Also Subject to Equitable Distribution in South Carolina

In South Carolina, marital debt, like marital property, is subject to equitable distribution during divorce proceedings. In other words, any debt accrued by the spouses during the marriage is considered a joint responsibility and is divided fairly between them. When splitting up marital debt in South Carolina, a court will examine factors such as the purpose of the debt and each spouse’s ability to pay when determining how to allocate these financial obligations. Notably, separate debt remains the sole obligation of the specific spouse who was responsible for it.

Angela Elliott Frazier Fights for the Best Property Division Outcome for Your Divorce

Going through a divorce is never easy. One of the challenging aspects of divorce for most couples is figuring out property division. You may have a lot of questions about how exactly your assets should be divided. You do not have to take on the legal process alone. Our founder Angela Elliott Frazier is an experienced family lawyer. Attorney Frazier is prepared to fight to obtain the best outcome in your property division case.

Contact Our Greenville, SC Property Division Lawyer Today

At Elliott Frazier — Family, Personal Injury, & Car Accident Attorneys, LLC, our Greenville property division lawyer is a skilled, experienced advocate for clients. If you have any questions or concerns about property division, we are here as a legal resource. Call us now or connect with us online today for a fully confidential consultation. With an office in Greenville, we provide family and divorce representation throughout the surrounding region in South Carolina.

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