How is the family home and other real property handled in a Jefferson County or Louisville divorce? What do you need to know about transferring real property during or after a Louisville divorce?
Real property is part of the marital property division process associated with any divorce. We are going to limit our conversation to assets which are “marital property” in this discussion and exclude “separate” property owned individually by one of the spouses.
During any Louisville divorce proceeding there are strict restraining orders which preclude or bar either spouse from transferring, selling or otherwise disposing of real property or an interest in real property during the divorce process itself. In some cases, the court will order or the parties will agree to sell the family home and divide remaining equity.
However, what happens if one of the parties is awarded the house? What do you need to know about transferring real property during or after a Louisville divorce?
The spouse who is not to retain ownership must transfer their interest in the property to the other spouse. This is usually handled by a legal document or “deed.” Once a party is the “sole” owner of the home they are often required to refinance it. This protects the other party’s credit and financial exposure in the event mortgage payments are missed or a foreclosure is begun.
In other cases, refinancing the home may not be possible for a variety of reasons. In these cases the spouse who no longer listed on the deed of the property will still maintain the potential for adverse credit exposure if payments are missed or in the event of foreclosure. How do you protect yourself?
The divorce and family law attorneys at Dodd & Dodd have represented clients before Louisville Family Law Courts for decades. We ensure that all precautions are taken to protect the interests of both parties in these legally complex situations. If the home is not refinanced and payments are missed it is possible for the former spouse to take legal action.
Our attorneys can seek a court order enforcing the original orders of the Court to ensure prompt payment. In the event the party is unable to make payment we have several options including forcing the sale of the house or asking the court to reconsider the award of the asset.
Questions regarding transferring real property during or after a Louisville divorce and problems associated with missed mortgage payments are complicated legal issues requiring the sound advice and counsel of our skilled and experienced Louisville divorce and family law attorneys.
We invite you to review the strong recommendations of our former clients and contact us or call 502-584-1108 to schedule an appointment with one of our experienced divorce and family law attorneys. These cases require expert preparation of orders in the original divorce decree to protect the parties from these types of circumstances. This is another reason why it is so important to work with the experienced Divorce and family law attorneys at Dodd & Dodd if you are seeking a divorce in Jefferson County or Louisville.
