Division of Assets Lawyer in Spartanburg, SC

At Max Hyde Law Firm, we get the tough spot you’re in right now. Our skilled Spartanburg lawyers who handle asset division are here to give you the help and backing you need to get a fair deal. Contact us today (864)-804-6330 to set up a free consultation and start sorting out your asset division issues with peace of mind.

Division of Marital Assets in Spartanburg

The way assets are split up in Spartanburg follows South Carolina’s idea of fair distribution, which tries to be fair instead of equal. This means looking at and sorting all shared property, like houses personal stuff, bank accounts, and money owed. To navigate this legal scene well, you need to make sure each person gets their fair share thinking about things like how long they were married, what each person put in, and their money situation. 

Common Asset Split Cases in Spartanburg

When couples divorce, they have to divide their stuff and accounts. Here are some usual cases we see in Spartanburg:

• Real Estate: Arguments often pop up about the family house, vacation spots, and rental units. How much they’re worth, who put in what, and how people feel about them play big parts in these situations.
• Personal Property: Cars bling stuff around the house, and other personal things need to be priced right and split up. Good records are key to stop fights.
• Investment Portfolios and Retirement Accounts: These cases deal with tricky money matters that need careful looking at to make sure the split is fair. You also need to think about possible tax stuff.
• Business Ownership: Figuring out the value of business interests and dividing them can be tough. It involves working out what the business is worth and what each partner did and put in.

Spartanburg, South Carolina Asset Division Laws You Should Know About

Knowing the family laws that control how assets get split up plays a big role in making sure divorces end. South Carolina has specific rules and ideas that come into play during this process. These laws are governed by the South Carolina Code of Laws, Title 20, Chapter 3. Here are the main legal concepts you need to know about:

Equitable Distribution

South Carolina sticks to the idea of equitable distribution when couples divorce. This means the court splits marital property, but not always. Judges look at several things, like how long the marriage lasted, what each spouse brought to the table (money and otherwise), what the marital and non-marital property is worth, and how each spouse is doing when it’s time to divide things up. To get a fair result, you need to understand how these factors relate to your situation. [1]

Marital vs. Non-Marital Property Division

A key part of splitting up assets is telling the difference between stuff that belongs to the marriage and stuff that doesn’t. Things you got while married count as marital property. Things you had before getting married, or stuff you inherited or got as gifts just for you, are non-marital property. How you sort your stuff can change how it gets divided up. A good lawyer can help you figure out what goes where. [2]

Valuation of Assets

Putting the right value on what you own is key to fair splitting. This might mean getting experts to check how much your house, business, and savings are worth. The date you file for divorce sets when to figure out what things are worth. Our lawyers know about splitting stuff in divorce and can help to make sure everything gets looked at and priced right.

Tax Considerations in the Division of Marital Assets

Filing for taxes is a considerable step in the process of filing for a divorce. In general, the division of marital assets per se does not attract taxation at this level immediately. However, certain tax considerations can arise from the process: 

Property Transfers: It is important to know that most transfers of property between spouses during divorce are not considered taxable. These are considered non-taxable transactions according to laws in South Carolina, thus, you will not pay taxes simply because you have divided assets. However, the tax basis of the property will follow the receiving spouse to his or her new return.

Retirement Accounts: With most retirement accounts like the 401(k) or the IRA, the division must be done through a QDRO to avoid penalties. The receiving spouse does not declare it for taxation until one makes withdrawals on the transferred amount.

Sale of Property: In the event that property such as a house or shares, which were acquired during marriage are sold during the divorce process, then the gains made are taxable. The division of assets does not exclude possible taxes resulting from the sales.

Alimony and Support: Where alimony is paid, it is a deduction for the payer and included in the income of the recipient in cases where the agreement was made before 2019. Maintenance payments for children are not regarded as income or allowed as a deduction.