At the David W. Martin Law Group, our South Carolina family law attorneys want all our clients to know the importance of understanding their marital finances before they pursue a divorce. This is important because there is often a sizeable difference between what divorcing individuals believe their financial standing is and its reality.
This is especially true if one party is solely responsible for the family’s finances, as the other spouse may have no idea what they actually own, and what they owe.
When you get divorced in South Carolina, part of the process is dividing the property equitably. Before you can, you must make a list that should contain all your property, including shared assets and debts, and any property or debts each party has developed on their own. Getting divorced requires full financial disclosure — including accounts your spouse may not know about.
Our experienced South Carolina family law attorneys can help you understand why your financial future and its stability begins during your divorce proceedings.
Why Should I Outline Assets & Debts When Preparing for A South Carolina Divorce?
When your finances are outlined properly, it will place you in a better position to achieve a settlement that protects you now and in the future. Like most states, South Carolina follows the laws of equitable property division in divorce cases. This means that the courts will divide all marital property between spouses according to what is fair and equitable.
Unfortunately, fair and equitable do not always mean “equal.”
Developing a complete picture of your finances is not only important to your future, but also to your current lifestyle. Since spouses must live separately for one year before they can finalize their divorces in South Carolina, the family’s expenses will literally double. If you do not know what your finances look like now, it will be impossible for you to know what you can and cannot afford going forward.
This is why it is important to outline all your assets, including:
- Real estate, including the shared home, vacation homes, income properties, and land.
- Personal and shared bank accounts, retirement accounts, and credit cards.
- Cars, recreational vehicles, trailers, boats, and motorcycles.
- Investments, including life insurance accounts, retirement funds, annuities, stocks, bonds, and intellectual property.
- Art, jewelry, instruments, and antiques.
It is equally important to outline your debts, including:
- Home loans and equity loans.
- Auto loans.
- Personal loans.
- Student loans.
- Medical bills.
- Credit card bills.
If you are unable to access all the documents or records associated with your assets and debts or believe that your spouse is holding back on his or her financial disclosure, talk to our skilled South Carolina divorce attorney today, and we will request full financial disclosure from your spouse during the discovery process.
Once we determine your complete financial standing, we can help you understand how the courts will view the equitable distribution of your property based on the legal facts associated with your marriage and divorce.
Call 803-548-2468 or contact us online to learn more about your legal rights and options to pursue the best outcome for your unique case by partnering with our dedicated South Carolina divorce attorneys today.