Property Division

Marital property is all real and personal property acquired by the parties during the marriage and includes the property owned as of the date of filing or commencement of divorce action.  It does not matter how legal title is held.  S.C. Code Ann. § 20-7-470 (Supp.).  Marital property is property acquired by either party by deed, inheritance, bequest, or as a gift from a person other than the spouse.  Marital property can include any increase in value in nonmarital property (unless the increase resulted from the efforts of the other spouse during the marriage).

Gifts of property from one spouse to the other or given by a third party during the marriage are marital property.

The division of marital property is governed by the Equitable Apportionment of Marital Property Act, S.C. Code Ann. §§ 20-7-471 20-7-479 (Supp.).

The processes for dividing marital property include: (1) identifying & characterizing each asset as marital or separate, (2) valuing each asset that is marital, (3) distributing all divisible assets equitably or equally and (4) ordering a monetary award as an adjustment of the parties.

Relative fault is one consideration in equitably dividing the property.

Domestic relations law requires the equitable distribution of marital assets to be based on the circumstances of a particular case including: (1) income and property at the time of marriage and at the time of divorce, (2) the age and health of parties, (3) any maintenance award, (4) nontitled spouse direct or indirect contributions to the marriage, and (5) services as a spouse, parent, wage earner and homemaker.

Related topics: Child Custody, Alimony & Support, Domestic Violence