The S.C. Court of Appeals issued a decision earlier this week which addressed several important financial concepts in divorce cases:
- The Court affirmed the equitable distribution award, holding that, generally, in South Carolina marital property subject to equitable distribution is valued on the date marital litigation is commenced. Therefore, the Family Court did not err by failing to consider the IRA’s increase after the final hearing nor by failing to reconsider the valuation of the family’s house, which sold after the family court issued the divorce decree.
- The Court reversed and remanded the award of alimony because the Court relied only on Wife’s need and Husband’s ability to pay alimony in making its determination and it did not consider Wife’s non-marital assets.
- The Court reversed the award of expert fees to Wife, holding that she failed to produce evidence to support the award. In this case, the expert did not testify and the Wife did not affirmatively establish what services he performed.
You can read the full text of Fuller v. Fuller by clicking HERE.