Let’s talk Property!

One of the first questions you are going to get asked if you go to see a divorce attorney is “do you have any property?” You may be thinking about a house or real estate and yes your attorney is asking about that as well as things like vehicles, vacation homes, timeshares, etc. Why do we need to know these things? Simple, if we do not know, the Judge cannot know and then the Judge cannot divide your property in a just and right manner. Whether you actually go to trial or not, your attorney needs this information in order to ensure that all property is accounted for and transferred accordingly.

The remainder of this post will focus strictly on houses and real estate. Whether you reach an agreement with your spouse or a Judge makes a decision concerning your real estate an Order will have to be drafted either conveying the property to one spouse or ordering the property sold. In the event that the property is being conveyed to one spouse then additional documents should be prepared depending on the situation. Below are a list of a few of these documents:

1. Special Warranty Deed – signed by the party conveying their interest in the property to the other person
2. Deed of Trust to Secure Assumption – signed by the party keeping the interest in the property if there is a mortgage on the property. This document allows the party who conveyed their interest to the other the opportunity to come back and take the property if the mortgage payments are not made.
3. Owelty of Partition – There may be a few documents with this language in it. These are done when one party is buying the other party out with payment to be made at a later date. These provide a guarantee to the party that is to receive the funds that they will get the funds in the future.

Having an attorney that knows what type of deeds need to be drafted and knows how to protect your interests during a divorce is critical to ensuring that you can enforce that order in the future if necessary.