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San Diego Family LawJames D. Scott, Certified Family Law Specialist in San Diego specializing in divorce mediation and high profile, high net worth divorces. Protect Yourself from Mortgage Creditors Post-DivorceWhen people who complete a divorce move on in their lives and one of the spouses remains in what was the family home during the marriage, most spouses who move out would assume that the paperwork that’s done will prevent any future problems from arising for them from the note holders on that property. However, unless all of the steps regarding this split are completed, it could lead to extremely unpleasant surprises for people down the road. Typically, when the property division pursuant to a California divorce is complete, the spouse who is leaving the marital home will sign a quitclaim deed that removes his or her name from the title to the property. This will allow the other spouse to own the property alone. In addition, many different California divorce decrees will dictate that the spouse remaining in the home will refinance the property without the name of the other spouse attached at an unspecified future date. With a quitclaim deed recorded and a court order dictating the removal of the name of the spouse who is leaving, most would assume that they are protected. Unfortunately, that is not the case in all situations. There have been several recent cases where a spouse has moved out and completed the paperwork but the spouse remaining in the home has failed to refinance. The properties have fallen into foreclosure and the creditors will pursue collections against the spouse whose name is still on the note. This clearly creates a seriously damaging situation. San Diego Divorce LawyersObviously, a California divorce entails numerous steps that must be completed in order for both parties to move on properly. Failing to take even one step can prove to be disastrous for one or both parties. Therefore, those who face this situation need to work with experienced professionals who understand how to make sure that all of the details are handled. If you are facing the prospect of a divorce, you need to seek the help of San Diego divorce lawyers who have helped spouses move on successfully for many years. Contact the law office of James D. Scott today to schedule an initial consultation. |
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