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 "cession".
What to do after a divorce?
It is important that after a divorce decree is issued, steps are taken to comply with the court's order. Typically, when there is real property (house, apartment, farm, etc.), it is divided between the parties and approved by the court in writing.
However, such division or transfer is not automatic. Therefore, it is essential that this stage be worked by a notary attorney in order to carry out 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 damages to the property.
Is it necessary to prepare a deed?
It depends, only if there is real estate, but first we have to examine what the divorce decree says. Therefore, 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 is not automatically transferred. For such a transfer, you must follow the steps indicated by your financial institution.
If you have received any written communication from the financial institution, it is important that you send it to us in the form below.
What are the other steps?
As we indicated, the first step is to examine the divorce decree. If you do not have it, and it is from Puerto Rico, we can get it for an additional cost through this link.
The next step is to do a title verification at the Land Registry.
If the above is in order, we will have to see the date of the Judgment and what it establishes. Based on the Judgment, we will be able to 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" to the Land Registry. Otherwise, it will be necessary to make a new deed, following the same procedure as if it were a Sale and Purchase.
The next step will be to file the change of ownership with the Municipal Revenue Collection Center (CRIM). Finally, if it was necessary to prepare a deed for the transfer, then the attorney will have to file with the Department of Treasury a "Real Estate Transfer Information Form".
What is the cost to do this process?
Since each case is different, we must first examine what the divorce decree or judgment says.
It is important to note that the process involves fees to be paid to the government, which will be calculated based on the share or value to be transferred.
For a free estimate, please remember to fill out the form below first.