South Carolina couples that seek to end a marriage will have many issues to deal with as part of the process. A priority will be children from the marriage. Support will have a prominent place in a case too. Once these issues have been factored in, property division and the division of assets will come to the forefront. This might not seem to be the most important aspect of the case especially when placed in the context of children, but failing to pay proper attention to how assets are divided is a mistake that many make and regret. When moving forward with a divorce, the division of assets should be a prominent consideration.
The court’s main objective with a division of assets is to achieve some level of fairness for both parties. That does not automatically mean that there will be a split down the middle and each side will get half. Fair and equitable is not the same thing as equal. Not realizing there is a difference is a problem for many people embroiled in a divorce case. There are many factors that will be part of the process. Knowing these is critical from the beginning.
Property that was acquired via inheritance or as a gift to one spouse will generally be excluded from property division and the spouse who received it will keep it. When there is property to be divided, the following will be weighed: how long the couple was married; the health of the spouses; the age of the spouses; each spouse’s level of contribution to the assets they accrued; if there is alimony or child support; and the employment status and earning opportunities of each.
In some cases, the assets are obvious and determining how to divide them is relatively simple. In others, it is more complicated as there are high-end properties and one spouse might have tried to hide certain assets. Regardless of the type of case it is, having legal assistance when divorcing and dealing with division of assets is key. Calling a law firm that is experienced in family law cases is the first step toward an equitable division of assets.