Sumter Property Division Lawyer

Sumter Property Division Attorney

Property division is a significant aspect of any divorce proceeding. It determines how assets and debts that have been accumulating during a marriage will be distributed between both spouses. This process can be extremely complicated, which is why having a seasoned Sumter property division lawyer can help make a difference in ensuring a fair and equitable division.

At Kinney Law Firm, we know that property division is more than just splitting spouses’ assets. We see it as an opportunity to secure your financial future and ensure that life after your divorce is as stable as possible.

To achieve these objectives, we can review all aspects of your marital estate to help identify and value every asset. Trust in our firm to handle your case with the experience and dedication you deserve to move forward confidently and free of stress.

What Assets Qualify for Division in a South Carolina Divorce?

All “marital property” qualifies for division during a Sumter, SC divorce. This includes all assets and debts that have been acquired during the course of the marriage. However, not all marital property is required to be divided equally.

Some assets that will typically be considered marital property include:

Real Estate

Real estate considered marital property includes more than just the couple’s primary residence. It also includes any other properties they may have acquired while married, such as vacation homes, rental properties, or undeveloped land. Because the price of real estate fluctuates greatly, the court will assess the fair market value of each piece of property to determine the entire value of the real estate portfolio.

Personal Property

The category of personal property encompasses the many miscellaneous items collected during marriage. This can include furniture items, kitchen appliances, electronic devices, jewelry, and the cars both spouses own. A professional appraiser may need to be brought in for certain items, like a luxury car or a rare collectible.

Financial Accounts

Many different financial accounts qualify for division in a divorce, such as traditional bank accounts or investment accounts. However, they only qualify if they were opened or contributed to during the tenure of the marriage. The balance of these accounts at the point of divorce is the figure that will be divided. Both the liquidity of these assets and whether there are any mandatory penalties for withdrawing early will also be considered.

Retirement Accounts

Both spouses’ retirement assets qualify for division. This can include pensions, 401(k) plans, IRAs, and other savings that the couple has been putting away during their marriage. To appropriately calculate how retirement accounts should be divided, the court will look into how much money each spouse contributed during the marriage and split that value equitably.

Business Interests

If either spouse owns a business together, the total value of the business will be considered marital property. However, it can be difficult to generate a true estimate of the value of a business, as the process includes an assessment of the organization’s assets, intellectual property, and future earning potential. One possible outcome is that the business will be awarded to one spouse, while the other spouse is compensated by selling off some of its assets.

Debts Incurred During the Marriage

Just as personal assets are divided, the same rule applies to marital debts that have been accumulated. This can include mortgages, student loans, and even credit card debt. The court will look into the details of each debt account to evaluate its purpose and assess each spouse’s ability to repay it. These debts will be split equitably, which means that one spouse might take on a larger portion of the marital debt because they received a larger share of assets to offset it.

FAQs

How Is Property Divided in a Divorce in South Carolina?

South Carolina dives assets in a divorce by analyzing the facts of the case with the equitable distribution factors set out in the SC Code. This means that everything is to be divided fairly rather than equally down the middle. The overall goal of the principle is to ensure that the division of marital assets reflects both the contributions and needs of both spouses. It provides a custom arrangement to ensure that both parties are financially independent in the future as they move on from the marriage.

What Is Non-Marital Property in South Carolina?

Non-marital assets in South Carolina are the items that are not required to be divided in a divorce. This is mostly property that has been acquired before the two individuals became married. It could also include items that were inherited by or gifted specifically to one spouse. Items that were acquired after a divorce has been filed will also classify as non-marital, or separate.

What Are the Factors of Equitable Distribution in South Carolina?

There are many different factors to look into when dividing marital assets under equitable distribution. Some key areas include how long the spouses have been married, their ages and health, and how much income they make independently. The court may also consider how each spouse contributed to the marriage, whether that be through financial support or other tasks like homemaking and child-rearing.

Can the Court Consider Marital Misconduct When Dividing Property in South Carolina?

Yes, the court in South Carolina is able to consider marital misconduct during the property division process. Marital misconduct includes many different behaviors, such as adultery, abuse, or financial irresponsibility. Under equitable distribution, the court has the authority to divide assets in a fair manner rather than 50/50. This means that if one spouse’s behavior harmed the marriage, the court could award a larger share of the estate to the other spouse.

Contact the Skilled Sumter Property Division at Lawyer Kinney Law Firm Today

Navigating the complexities of property division in a divorce case can be daunting and exhausting. At Kinney Law Firm, we aim to reduce the stress that can come with divorce by taking on the legal responsibilities. Between our experience and lessons learned from past wins, we are confident in our ability to take on your property division case and achieve a positive outcome. Contact us today to begin.