Asset & Debt Division
There are many pitfalls and dangers for the unwary litigant representing himself when he is not skilled and experienced in the law. Marital estate division is one such area.
Marital property in South Carolina is divided pursuant to the provisions of the Equitable Distribution Statute. This statute contains a listing of the various factors a Family Court judge must consider in dividing the assets and debts that were acquired by the parties during the course of the marriage. First, however, the marital estate must be identified. Some items may seem to be nonmarital but may have been transmuted into being marital. Likewise, certain exemptions apply to preclude assets or debts obtained or incurred during the marriage from becoming part of the marital estate. Legal representation is very important.
All assets and debts obtained by either party or jointly by both parties during the marriage are subject to division. There is no set percentage split (i.e. a 50/50 automatic split) in South Carolina. Such factors as 1) fault in the breakdown of the marriage, 2) age and health of the parties, 3) ability to obtain other assets, and 4) nonmarital assets are but a few of the factors to be considered.