If you are in the midst of a divorce, then you will want to know how your property will be divided. Property division is typically one of the largest points of contention within a marriage. This is because when two spouses marry, most of their valuables become shared property. This means that at the time of the divorce, the property and assets will be divided equally.
This may mean determining who will receive cars and who will have possession of a home. The complicated web of divisions and decisions is often very difficult unless you have a Lexington divorce lawyer on your side, so make sure to secure a helpful attorney at the outset of your divorce in order to avoid unnecessary confusion.
South Carolina is an equitable distribution state. This means that the courts in South Carolina will always try to seek a “fair distribution” of property. However fair does not always mean equal. There are times that one spouse may have more money than the other at the end of the distribution because of the contributions each made to the relationship or because of the cause of the divorce.
All the divided property includes all personal possessions and debts. As well, real property is involved in this division. This means that cars, furniture, musical instruments, devices, land, houses, and car loans, debts, and mortgages will all be divided. While people often want as much of the property as possible, most want to avoid the debts and mortgages that are almost inevitable in a divorce.
It is helpful to list all of your assets and how they were acquired to your attorney at the outset of the divorce. This will help you to have a clear record of what items are rightfully yours and which ones are subject to division. You will also want to determine the item’s current value. Also list all of your debts. These suggestions from The South Carolina Bar Association can help you to carefully determine how to handle your case without getting too confused.
You won’t need to divide all of your property. For example, anything that you acquired before marriage or anything that you received as an inheritance may be exempt from distribution. As well, any gifts that you received outside of marriage are yours to keep. For example, if you received your car outside of marriage as a birthday present, this item will not be subject to division.
You may want to try negotiating property division outside of the courts first. You will want to consider how a judge would decide and try to use this thought process when organizing the property division. For example, a judge will weigh the financial contributions of both spouses to the marriage, and the length of the marriage. A spouse will also determine whether or not one spouse is at fault for the failure of the marriage and the age and health of each spouse.
Talk to a Lexington divorce attorney today if you want more information about South Carolina property division laws and how they will affect your case. Attorney Andrew Farley is a dedicated and hardworking attorney who is currently a member of the Lexington Chamber of Commerce and the Lexington Young Professionals.
He is the past President of the Lexington County Bar Association and is currently a Member in Good Standing with The South Carolina Bar Association. Someone at the firm is available to discuss your case with your 24 hours a day, 7 days a week, so don’t hesitate to call The Farley Law Firm, LLC and seek information or a representative to help you with your divorce.