Subject: South Carolina Sample Letter for Divorce — Comprehensive List of Liabilities and Assets Dear [Recipient's Name], I hope this letter finds you well. As we proceed with the necessary steps in our divorce process, this document aims to provide a comprehensive list of our liabilities and assets that need to be considered and addressed. To ensure a fair and equitable dissolution of our marital estate, it is crucial that we work together to compile accurate information. 1. Personal Information: — Full names and contact details of both spouses. — Date of marriage and separation— - Names and ages of any children involved. — Current addresses of both spouses— - Divorce case number, if applicable. 2. Liabilities: — Mortgage(s): Provide details of outstanding mortgage(s) on any properties. — Loans: Include information about current loans, such as auto loans, personal loans, student loans, etc. — Credit Card Debt: Specify all credit cards held by either spouse, along with corresponding balances. — Tax Liabilities: Identify any pending or outstanding tax liabilities, both federal and state. — Debts: Mention any other debts such as medical bills, outstanding bills, or personal loans. 3. Assets: — Real Estate: List all properties owned jointly or individually, including marital home, vacation homes, rental properties, etc. Provide current market values, mortgage balances, and any rental agreements. — Vehicles: Detail all automobiles, motorcycles, boats, or other vehicles owned, specifying make, model, year, and estimated value. — Bank Accounts: Include all joint or separate bank accounts, providing the name of the financial institution, account number, and current balances. — Retirement Funds: Specify any retirement accounts such as 401(k)s, IRAs, pensions, or annuities, along with their cash values. — Investments: List all stocks, bonds, mutual funds, or other investment holdings owned by either spouse. — Personal Property: Mention valuable personal belongings, like jewelry, artwork, collectibles, furniture, electronic appliances, etc. — Business Interests: If applicable, provide details of any jointly-owned businesses or interests in partnerships, including their estimated values. Please note that this sample letter aims to serve as a guide and may need modification as per your specific circumstances. It is recommended to consult with an attorney to ensure legal accuracy. By promptly and cooperatively sharing this information, we can move forward efficiently in reaching a fair settlement that will benefit both parties. It is crucial to approach this process with transparency and open communication. Best regards, [Your Name]
South Carolina Sample Letter for Divorce - List of Liabilities and Assets
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FAQ
If the retirement account started during the marriage, then it's almost certainly a marital asset, and the spouse could be entitled to some of it, possibly even more than 50% depending on the circumstances. If the retirement account started before the marriage, then it may be non-marital.
Normally, the South Carolina courts will try to divide your assets and debts equally. Still, they can also be used to balance one another.
Marital property is real or personal property acquired during the course of the parties' marriage through the use of marital funds, or through the sale of additional marital property. Real property is real estate; personal property is tangible property, such as automobiles, boats, furniture, and household items.
What is Non-Marital Property in South Carolina? Property acquired before the marriage is generally considered non-marital property, subject to exceptions as discussed below.
South Carolina's Supreme Court considered the two approaches outlined above. But the court adopted a third approach to personal injury awards. The court said that an award is classified as marital property if it was acquired during marriage. This is a very simple rule.
South Carolina's marital property laws are, like the majority of states, equitable distribution laws. Spouses in South Carolina have a right to all marital property. Marital property is all the real and personal property acquired by the parties during the marriage and owned at the date of filing for divorce.
If the retirement account started during the marriage, then it's almost certainly a marital asset, and the spouse could be entitled to some of it, possibly even more than 50% depending on the circumstances. If the retirement account started before the marriage, then it may be non-marital.
South Carolina requires a Financial Declaration in any domestic relations suit in which finances are an issue, and each party must submit their statement. The documents must be provided before the first hearing or within 45 days after serving the petition for dissolution of marriage, whichever is later.
