How Do You Divide a Business in a Divorce?

How Do You Divide a Business in a Divorce?

Divorce
Many married couples in the Beaufort area are living the American dream - they own their own business together and reap the benefits. However, what happens if married business owners then decide to get divorced? This can be a complex situation, and you always want an experienced divorce lawyer in Beaufort on your side. Your Options There are different ways to divide your marital property in a South Carolina divorce. The state law requires that all marital property be divided “equitably,” and this includes a joint business. Some options for dividing business interests include: One spouse “buys out” the other’s ownership stakeOne spouse obtains full ownership but, instead of cash, the other spouse receives a much larger portion of other types of marital property The spouses decide they can work…
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Do You Need to Talk to a Lawyer if You are Getting Separated?

Do You Need to Talk to a Lawyer if You are Getting Separated?

Divorce
Married spouses decide to separate for several different reasons. You may know you want a divorce, and decide it is time to begin living apart, which you must do for one year prior to a divorce in South Carolina. You may also just want to take some space and time to determine whether the marriage can work in the future. Some spouses live separate for years without getting a divorce due to religious principles, insurance coverage, and more. If you decide to get separated - for whatever reason - it may be a good idea to discuss the situation with an experienced family lawyer in Beaufort. Orders of Separation While some states allow spouses to become “legally separated,” South Carolina law provides no such status. However, whether you are waiting…
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How a Prenuptial Agreement Affects a Divorce

How a Prenuptial Agreement Affects a Divorce

Divorce
Many engaged couples may think that a prenuptial agreement is unromantic, while other couples may see it as a necessary step before they get married. A prenuptial agreement can help to protect your financial interests, as well as protect your children from a previous relationship, and it can even help to prevent infidelity, substance abuse, and other misconduct. If you did sign a prenuptial agreement and now are getting divorced, you can expect your agreement to play a significant role in your divorce. Property division - In general, the law requires divorcing spouses to divide their marital assets and property in a fair and equitable manner. However, you can address property division issues in a prenuptial agreement. The agreement can state that one spouse keeps a business, real estate, or…
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Dividing Debts in a Divorce

Dividing Debts in a Divorce

Divorce
In a divorce, many people focus on how they will divide their property, assets, and possessions. However, equally as important is how you will divide your debts. South Carolina is an “equitable division” state, which means the law requires spouses to divide all marital property in a fair manner, and the same goes for debts. How much debt you end up with can make a huge difference in your post-divorce financial situation, so you should have an experienced divorce lawyer in Beaufort representing your rights. Separate or Marital Debt? First, you must determine which debts are separate and which are marital. If you had a debt prior to marriage in your name only, that debt will likely be your responsibility. The same goes for pre-marriage debts in only your spouse’s…
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Will Your Divorce Case Go to Trial?

Will Your Divorce Case Go to Trial?

Divorce
Many people on the brink of a divorce case have an image in their head of how the process may go. Too often, this image involves them and their spouse fighting in court, airing personal details in front of a judge. This image can be enough to make some people rethink divorce entirely. The good news is that what you see in movies and on television is often very different than what your divorce process will be. Many couples never have to argue their cases in front of a judge, as their divorce does not involve a trial. South Carolina law requires divorcing couples to resolve several legal issues before a court will grant the dissolution of their marriage. Some issues include child custody, child support, the division of property…
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Do You Need a Lawyer for an Uncontested Divorce?

Do You Need a Lawyer for an Uncontested Divorce?

Divorce
Sometimes, a couple who is getting a divorce can’t stand to be in the same room, much less be able to negotiate how they want to settle issues like the division of their assets and child custody. In others, however, divorcing couples are able to keep their communication amicable and feel like they will be able to reach an agreement on the terms of their divorce without going to court. This latter situation is referred to as an “uncontested divorce,” and if you find yourself in this situation, you may be wondering whether you really have to hire a lawyer to represent you. It is always advisable to retain a lawyer when you are going through a divorce, even if you and your spouse are getting along just fine. Here…
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