Joseph Hoelscher was recently asked to lend his professional opinion to a helpful article on what to know when transferring your house or property after a divorce. See his contribution below and follow the link at the end to read the full article.
Ask an expert: How can I make the process go as smoothly as possible?
- Don’t deplete the asset. We use a standard order to prevent parties from damaging or borrowing against community assets, but people still do these things. I had a client whose spouse was still in the home while the divorce was happening. When we set a hearing to remove her from the home, she trashed it while he was at work. Eventually, all those extra costs got taxed against her by the court.
- Fight the system, not each other. The divorce process will take a huge cut of the family’s net worth, so both parties should fight together to preserve what they’ve got and think twice before going to court. Every time a lawyer gets involved, your bill goes up and so does the other team’s. That money is shrinking the pie you want to divide.
- Reassess your finances immediately. You’re going from one household to two. You need your own budget. Talk openly with your divorce lawyer about what you can reasonably expect to be left with after the divorce and figure out how to live on it.
Managing Attorney, Hoelscher Gebbia Cepeda PLLC
Read the full article on finder.com