One of the foremost concerns when going through a divorce is the division of property between the spouses. In South Dakota, the concept of equitable distribution governs the allocation of marital property. While it does not necessarily guarantee an equal split, it ensures a fair distribution. However, to comprehend how property is divided in a divorce, it is paramount to first grasp the definition of marital property.
Differentiating between Marital Property and Separate Property
Marital property encompasses all assets acquired by either spouse during the course of the marriage, irrespective of whose name appears on the title or deed. Some examples of marital property are as follows:
- The family home and any other real estate obtained during the marriage
- Cars, vehicles, and any other relevant assets
- Bank accounts, investments, and retirement accounts
- Business interests held by either spouse
- Household furnishings and personal belongings accumulated throughout the marriage
- Any other property that was obtained during the marital union
On the other hand, separate property denotes assets that are not subject to division in a divorce. These include:
- Property owned by either spouse before entering into the marital contract
- Gifts and inheritances received by either spouse during the marriage
- Property specifically designated as separate in a prenuptial agreement
Equitable Distribution: Dividing Marital Property Fairly
South Dakota courts adhere to the principle of equitable distribution when dividing marital property. This means that property will be allocated fairly, taking into account various factors. While equal distribution may occur, it is not the primary objective. Factors that are considered during the division of property include:
- The duration of the marriage
- Each spouse’s contribution to the acquisition of the property
- Each spouse’s potential and actual income
- Each spouse’s age and health condition
- The tax implications stemming from the division
- Any other pertinent factors deemed relevant by the court
Ultimately, the objective of equitable distribution is to achieve a fair and reasonable outcome that considers the circumstances of both spouses.
Available Options for Property Division
In South Dakota, spouses have the option to forge a property division agreement independently, without court involvement. Negotiation, mediation, or collaborative divorce can be utilized to achieve this agreement. However, in cases where an accord cannot be reached, the court will make a determination based on the aforementioned factors.
Understanding your rights and options regarding property division during a divorce is crucial. Seeking guidance from an experienced divorce attorney will help protect your interests and ensure a just allocation of marital property. Rest assured that with the right support, you can navigate this process successfully and achieve an equitable outcome.