You need to make sure the mortgage payments are kept current and get an inventory of all assets. All states have statutes that state neither party can dispose of “joint” property or assets during this time, unless both of you agree to it. When the divorce is final, the judge may force you to sell the home and split the proceeds between you, or grant it to either on of you, and force the recipient to have the mortgage done in their name only. BE ADVISED! Even though a Judge can ORDER these issues, anyone you have joint credit with, does not have to agree to them. If the creditor (including a mortgage company) feels their odds of getting paid are better with two of you on the account instead of one, then they DON’T have to take one of you off the account, simply because a Judge orders it.
I need some advice. My wife and I have just decided to divorce. During our trial seperation I choose to leave the house and let her stay there. Now that we both have decided to call it quits I dont want to lose any financial rights to said home. What steps must I take and what must I avoid doing to prevent myself from losing anything? Any and all suggestions would be much appreciated.