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Equitable Division in Rock Hill
Equitable division or distribution is the term given to the process in all divorces or separation actions of determining what property a couple owns, what is deemed “marital” property, and how it should be divided between the parties. The South Carolina Family Court ensures that this division will be equitable, meaning that any distributions will be fair to each party, albeit not necessarily equal. Many people, including attorneys, will describe to clients that this process should be business-like, as if you were dividing up business assets. Unfortunately, for many clients, this is more than “stuff,” it is often their lives, counted as property and tangible objects. Also, there are serious considerations considering each party’s financial stability following a divorce. As such, each of our client’s cases are addressed with the care and consideration that we would give if it were ourselves.
What is Marital Property?
In the South Carolina Family Court, spouses are entitled to equitable distribution of “marital property.” Parties, or the Court, must first determine what assets should be deemed “marital” and which should not. Generally speaking, marital property (and debt for that matter) is defined as property that has been acquired by the parties during the marriage and is owned at the filing or commencement of a divorce or separation action. There are several different ways, however, that non-marital property can become marital and subject to division. Marital property can include real estate, vehicles, personal property, retirement accounts, and other property. In addition, debts and liabilities can be determined to be marital and must be allocated to each party. It is important to have an experienced Rock Hill family law attorney review your specific situation and discuss your options.