What is marital property in SC?

What is marital property in SC?

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. It doesn’t matter if the family home bought during the marriage in only one spouse’s name; the other spouse also has a right to it.

What is the divorce law in South Carolina?

There are five grounds for divorce in South Carolina: adultery, habitual drunkenness, physical cruelty, abandonment and no fault, which is based on the parties living separate and apart for at least one year. Mental abuse/cruelty is not a basis for divorce in South Carolina.

How is equity in a house divided in a divorce?

Option 1: Sell the house and split the proceeds The cleanest way to divide the home’s equity is to sell the house. Once the couple retire the mortgage debt, pay taxes and the sale-related expenses, they split the remaining money.

How does a judge decide who gets the house in a divorce?

In most divorces, the marital home is a couple’s biggest asset. If a judge determines that the marital home is one spouse’s separate property, the solution is simple: the spouse who owns it, gets it. It’s a lot more complicated when the family home is a marital asset.

Can a divorce be granted without a settlement agreement?

Separated parties can have a property settlement without getting divorced and parties seeking to divorce do not necessarily have to have a property settlement. However, once the divorce is granted a party has 12 months to commence proceedings in the Court for property settlement.