Protecting your business when going through a divorce

The process of going through a divorce is always a stressful time, no matter what your profession. It forces you to face up to situations that you may have avoided for a long time, but because it forces you to confront challenges, it can also be a transformative process.

As well as the emotional challenges you are likely to be facing during the divorce process, you will have certain financial stresses, especially if you are the owner of a business. It is understandable that you will want to protect the value of your business and its future as much as possible. It is important that you take the time to understand how the divorce process works in South Carolina when it comes to the division of assets.

How is marital property divided in South Carolina?

In the state of South Carolina, community property law is not followed. This means that the division of assets will never be as simple as simply splitting all assets equally between each spouse. A great deal of attention will be paid to the specifics of the marriage.

South Carolina is an equitable distribution state, which means that all property acquired during the period of the marriage is up for grabs by either spouse, regardless of whose name the property was purchased under. For example, if a house was purchased under only one spouse's name, the other spouse may be entitled to part of it.

What factors are used to determine how property should be divided?

One of the main factors that is used to determine marital property division in South Carolina is the length of the marriage. Therefore, if you have been married to your spouse for one year, for example, it is unlikely that he or she will be entitled to a large portion of your business assets. Marital misconduct, the income of each spouse, and the ages of each spouse at the time of marriage and divorce will also be taken into account.

If you are a business owner in South Carolina who is contemplating divorce, it is important to take adequate steps in order to protect your assets during the marital asset division process.

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Greenville, SC 29601

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