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Current Status Bill Number:View additional legislative information at the LPITS web site.4472 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20020109 Primary Sponsor:Altman All Sponsors:Altman Drafted Document Number:l:\council\bills\dka\4621mm02.doc Residing Body:House Current Committee:Judiciary Committee 25 HJ Subject:Nonmarital property further defined History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 20020109 Introduced, read first time, 25 HJ referred to Committee Versions of This Bill
TO AMEND SECTION 20-7-473, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO MARITAL AND NONMARITAL PROPERTY FOR PURPOSES OF JUDICIAL APPORTIONMENT DURING MARITAL LITIGATION, SO AS TO INCLUDE AS NONMARITAL PROPERTY ANY PROPERTY THAT IS NEITHER ACQUIRED WITH MARITAL FUNDS NOR TITLED IN THE NAME OF ONE OR THE OTHER SPOUSE, OR BOTH OF THEM, AND TO PROVIDE THAT THE PROPERTY MAY NOT BE APPORTIONED PERMANENTLY OR TEMPORARILY, NOR TRANSMUTED INTO MARITAL PROPERTY FOR ANY PURPOSE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 20-7-473 of the 1976 Code is amended to read:
"Section 20-7-473. (A) The term 'marital property' as used in this article means all real and personal property which has been acquired by the parties during the marriage and which is owned as of the date of filing or commencement of marital litigation as provided in Section 20-7-472 regardless of how legal title is held which spouse holds legal title, except the following, which constitute nonmarital property:
(1) property acquired by either party by inheritance, devise, bequest, or gift from a party other than the spouse;
(2) property acquired by either party before the marriage and property acquired after the happening of the earliest of:
(a) entry of a pendente lite order in a divorce or separate maintenance action;
(b) formal signing of a written property or marital settlement agreement; or
(c) entry of a permanent order of separate maintenance and support or of a permanent order approving a property or marital settlement agreement between the parties;
(3) property acquired by either party in exchange for property described in items (1) and (2) of this section subsection;
(4) property excluded by written contract of the parties. 'Written contract' includes any antenuptial agreement of the parties which must be considered presumptively fair and equitable so long as it was voluntarily executed with both parties separately represented by counsel and pursuant to the full financial disclosure to each other that is mandated by the rules of the family court as to income, debts, and assets;
(5) any increase in value in nonmarital property, except to the extent that the increase resulted directly or indirectly from efforts of the other spouse during marriage;
(6) property that is neither acquired with marital funds nor titled in the name of one or the other spouse, or both of them. Property described in this item must not be:
(a) the subject of a marital equitable claim or distribution between the spouses;
(b) apportioned temporarily or permanently to either spouse; or
(c) transmuted into marital property for any purpose.
(B) Interspousal gifts of property, including gifts of property from one spouse to the other made indirectly by way of a third party, are marital property which is subject to division.
(C) The court does not have jurisdiction or authority to apportion nonmarital property."
SECTION 2. This act takes effect upon approval by the Governor and applies to an action filed after that date and to an action then pending in which a notice of intention to appeal has not been filed.
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