Property Division in Divorce: Top 3 Misconceptions

There are a few misconceptions when it comes to property division in South Carolina that we want to clear up. First, let’s talk about property division. According to  S.C. Code Ann. Section 20-3-620(A), marital property can be either real or personal property acquired during the marriage through the use of marital funds or the sale of additional marital property. Personal property refers to tangible things acquired during the marriage, like cars, boats, furniture, or household items, while real property refers to real estate. 

South Carolina is an equitable division state, meaning that a Family Court Judge will hear the evidence from both spouses and then determine what they think is a fair division of property. There are many questions about property division in South Carolina divorces, so we’re here to clear up some common misconceptions. 

1. Every Asset is Split Directly In Half

It’s common to think that because it’s a division of assets, each party will receive one-half of every asset. People often make lists of all their assets and expect to get exactly half of the value of all of those assets; however, that’s not always how it works.

Instead of thinking that each asset will be taken and divided, it’s more likely that the value of all assets will be calculated, and then each party member will receive a percentage of the total amount. There is no requirement in South Carolina for each spouse to receive an equal share of the marital estate. Just like no two marriages are identical, no two divorces are identical. Each case has to be treated differently when considering the division of property, and a lot goes into deciding how much each spouse receives.

2. Because A Title is in Your Name, that Asset Will Be Yours in the Division

This is a common misconception when it comes to property division. You may think that because the title of your house or car is solely in your name, it’ll be yours during the property division process. However, all assets purchased within the time of your marriage will be considered marital property and have the potential of being given to either party, regardless of title. For example, even though a car is titled in one spouse’s name, depending on how the property division works, the other spouse may keep it, and the title must be transferred.

3. Debt Doesn’t Matter

When discussing the division of assets, it’s easy to forget that there must also be a division of debts. In South Carolina, courts divide marital debt during a divorce using the same principle as the assets: equitable distribution. This aims to divide liabilities fairly between both parties using a few different factors when making the decision. These can include whether or not the debt was marital or separate. That is, the judge will consider when the debt was acquired, who acquired the debt, and how it was acquired. They’ll also consider each spouse’s contribution to the debt and their earning capacity when deciding. Be sure not to have unrealistic expectations when going through the property division process, and remember that debts are also considered.

There’s a lot involved in the process or division of marital property during a divorce. That’s why it’s best to get the counsel you need to help guide you through the entire process and answer all of your questions. The attorney at Morris Law is ready to help you reach a fair and equitable division in a way that works for your family. We’ll help the process go smoothly so you can return to your life and move forward.