After a divorce, if there is joint property, it is necessary to make legal arrangements for its liquidation or transfer. This is commonly known as the "liquidation of community property" or "liquidation of assets" or "assignment of rights" or simply "assignment".
What to do after a divorce?
It is important that after a Judgment of Divorce is entered, steps are taken to comply with the court's order. Typically, when real property (house, apartment, farm, etc.) is involved, it is divided between the parties and approved by the court in writing. However, such a division or transfer no is automatic. Therefore, it is essential that this stage is worked by a notary attorney to effect the transfer process. Otherwise, there is a risk that the community property may have some situation that affects either of the divorced parties. These liabilities include mortgage payments, contributions, repairs or damage to the property.
Is it necessary to prepare a deed?
It depends, only if there is real estate, but first we need to look at what the divorce sentence says. So the first step is for you to send us that document as part of the online form at the bottom of this page.
What happens when there is a mortgage?
If the real estate is still under a mortgage, it does not automatically transfer. For such a transfer, you must follow the steps indicated by your financial institution. Therefore, if you have received any communication from your bank or mortgage house, it is important that you send it to us in the form below.
What are the other steps?
After examining the divorce decree, we will arrange to obtain a Certified Copy of the decree. (If you do not have a copy of the decree, we can obtain one for you for an additional fee). The Certified Copy is different from the copy that the parties normally receive after the divorce; the latter is known as a "Simple Copy".
The next step is to do a title search at the Property Registry. In this way, we will be able to ascertain the current status of the property according to the books.
If the above is in order, we will have to look at the date of the Judgment and what the Judgment states. On the basis of the Judgment, we can see if the court has already "ordered" the transfer of the property in the Land Registry. By means of this option, we will be able to present what is known as an "Instancia". If not, we will have to make a new deed, following the same procedure as if it were a Purchase and Sale.
The next step is to file the change of ownership with the Centro de Recaudación de Ingresos Municipales (CRIM). Finally, if it was necessary to prepare a deed for the transfer, then the lawyer must also file an "InformativeForm " with the Treasury Department.
What is the cost to do this process?
Because every case is different, we must first examine exactly what the divorce sentence or judgment says. It is important to note that every process involves fees to be paid to the government, which are calculated based on the share or value to be transferred. For example, if the house is valued at $100,000, then in the assignment of rights, fees will be added for the 50% share to be assigned by one party to the other. In this example, the government fees would total about $250, which includes stamps and internal revenue receipts.