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At TMW Law, we are committed to providing comprehensive legal services to our clients in South Carolina. One crucial aspect of family law that we specialize in is property division. Property division can be a complex and emotionally charged process regarding the dissolution of a marriage or partnership. We understand that navigating through this can be a challenging experience, but our team of dedicated professionals is here to guide you every step of the way.
Call TMW Law today at (843) 891-6100 or contact us online to schedule a meeting with our property division attorney in Summerville!
What is Property Division?
Property division, or equitable distribution, is the legal process of allocating assets and debts between spouses during a divorce. In South Carolina, as in many other states, this division is not necessarily equal but rather "equitable," meaning it should be fair and just based on the case's specific circumstances.
Property subject to division typically includes:
- Marital Property: This consists of assets acquired during the marriage, such as homes, vehicles, bank accounts, retirement accounts, and personal possessions.
- Separate Property: These are assets acquired before the marriage, inheritances, or gifts one spouse receives individually. Separate property is generally not subject to division.
- Debts: Any debts incurred during the marriage, such as mortgages, loans, or credit card debt, will also be divided.
Understanding what constitutes marital and separate property can be complex, and it is essential to have a knowledgeable Summerville property division lawyer to help you make these distinctions.
How is Property Divided in South Carolina?
In South Carolina, property division follows the principle of equitable distribution. This means the court will consider various factors to determine what is fair, even if it isn't an equal split. These factors may include:
- Duration of the Marriage: The length of the marriage can influence the division. Longer marriages often result in a more even distribution.
- Financial Contributions: Each spouse's financial contributions to the marriage, both monetary and non-monetary (e.g., homemaking), are considered.
- Earning Capacity: The court evaluates each spouse's earning potential and financial stability.
- Child Custody: Child custody arrangements may affect property division if children are involved.
- Non-Marital Property: The court will differentiate between marital and separate property, ensuring that separate property remains with the original owner.
- Alimony: Alimony or spousal support may be awarded, affecting property division decisions.
- Health and Age: The spouses' physical and emotional health and ages are also considered.
These factors are not exhaustive, and the court may consider other relevant circumstances. It's crucial to have a skilled Summerville property division lawyer on your side to present your case effectively and advocate for your best interests.
Property Division Process in South Carolina
The property division process in South Carolina typically involves the following steps:
- Filing for Divorce: The divorce proceedings begin with one spouse filing a divorce petition. The court will issue temporary orders to address immediate concerns like child custody and financial support.
- Identifying and Valuing Assets: Both spouses must disclose all their assets and debts. This is a crucial step in determining what should be subject to division. Property and debts must be accurately valued.
- Negotiations and Mediation: Spouses may attempt to negotiate a property division settlement or participate in mediation to reach an agreement. Having a skilled Summerville property division lawyer during these negotiations is invaluable.
- Court Determination: If negotiations fail, the court will determine based on the equitable distribution factors mentioned earlier. The judge will issue an order outlining the division of property and debts.
- Enforcement and Compliance: Both spouses are legally bound to follow the court's order regarding property division. Failure to comply can result in legal consequences.
Property division can be a contentious process, but it can be navigated smoothly with the proper legal guidance. Our Summerville property division lawyers at TMW Law are well-versed in South Carolina's family law statutes and committed to securing our clients' best possible outcome.
Contact Our Summerville Property Division Attorney Today
Divorce and property division can be emotionally taxing and legally complex. A skilled Summerville property division lawyer is essential to protect your interests and guide you through the process. At TMW Law, our experienced family law attorneys are dedicated to providing sound legal counsel, ensuring your rights are safeguarded.
If you face a divorce and property division in South Carolina, don't go through it alone. Contact TMW Law today for a consultation. We're here to provide you with the support and expertise to successfully navigate this challenging time. Let us help you find a fair and just resolution to your property division matters.
Contact TMW Law today to meet with our property division lawyer in Summerville!
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