South Carolina Sample Letter for Divorce - List of Liabilities and Assets
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How to fill out 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.
