Full question:
My wife and I are divorcing and she owns property in Virginia that was given to her while we were married. Should I include the property in the settlement of our assets?
- Category: Divorce
- Subcategory: Property Settlements
- Date:
- State: South Carolina
Answer:
Yes, a marital property settlement should deal with all of the assets of the couple acquired during the marriage, regardless of the location of the property. South Carolina is an equitable distribution state in which the court, if the parties have not entered into a settlement agreement, will divide the marital property equitably between the parties, taking into consideration many factors such as; the contribution of each spouse to the acquisition, care, and maintenance of the marital property, the length of the marriage, etc. This means that the court will divide the marital property between the parties as it deems equitable and just, after setting aside to each spouse the separate property of each. Some of the factors the court considers in dividing the property between the parties include:
1. The duration of the marriage.
2. The age of the spouses.
3. Marital misconduct.
4. Economic misconduct.
5. The value of each party’s marital property.
6. The contribution of each spouse to the marital estate.
7. The income of each spouse.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
