Divorce can be a difficult and stressful process for everyone involved. You may be concerned about certain assets you own, and what might happen to them after the process has been completed. This can be in terms of property, but also mortgages, accounts, and businesses. In this article, we are going to look at what you need to know in order to protect your assets while going through a divorce.
Your home
If you own a property in your ex-partner’s name, you can register your interest. This will ensure that it cannot be sold without your knowledge. It is also possible to change ownership if it is held as a joint property, as this will prevent your ex-partner from inheriting it in the event of your death. It is also recommended that you update your will to reflect your change in circumstances, something that your legal representative can help with.
Other assets
You may have other assets, such as a business premises. It is worth talking to your legal representative as they can find out if it is possible to prevent your ex-partner from selling, transferring or getting rid of assets if this would prevent a financial settlement from being reasonable and fair.
Transferring
It is important to discuss transferring payments over in the event of a divorce. For example, if you have a joint mortgage this will need to be updated. If you rent a property, this will also need to be looked at, as well as who puts money into joint accounts.
The reason that this is important is that payments need to be kept up – if you do not keep put money in you could potentially lose your home or damage your credit rating if the payments are not properly kept up. With a loan, you are both responsible for repaying the debt, so this is something that needs to be discussed with your former partner. With joint accounts, it is important to decide whether or not to freeze the account, or how withdrawing funds should be arranged. This can prove difficult if the split isn’t amicable, so it is important to approach this as soon as possible in order to deal with any potential financial issues.
We can help
There is often a representation of the media of legal professionals as cold, unemotional people. This is not the case and we recognise that situations like divorce can be difficult and stressful. While we want to help you through the financial and legal aspects, we also want to support you as much as we can.
The motto of Larcomes has always been “Big enough to specialise, small enough to care.” We can offer the specialist legal representatives and resources to support them, while at the same time keeping you up to date and giving a level of customer service that you want from someone representing you.
For more information or to discuss your circumstances in more detail please contact us today and we will be happy to help.