A divorce is never a pleasant experience and, unfortunately, most cases involve a degree of animosity. This can make it challenging to reach an amicable agreement and settle affairs without any problem whatsoever. Of course, the degree of acrimony may make matters more complex, and one party may have to take additional steps to protect their interests. If you're in this sad situation and are a joint owner of a property with your outgoing partner, what should you do to safeguard your interest in that asset?

Joint Tenancy

When two people get married, they often decide to settle down and buy a house together. This will typically be in a joint tenancy agreement, which means that they will each own an equal share of the property and receive the entire title should one pass away.

It is unlikely that either party will want this arrangement to continue after the divorce, although it will if they do nothing about it. After all, this type of agreement contains a clause known as the right of survivorship, so one party cannot earmark that asset to somebody else in their will. Instead, the surviving partner (even if divorced) has the right to the remainder of the asset.

Protective Caveat

The situation can also lead to additional complications. One person could decide to access some of the assets for some much-needed money and without the other party's agreement. This is obviously a lot easier in the case of a joint bank account, and to avoid this situation, they need to add a caveat to the record so that any change or withdrawal cannot be made without a joint agreement.

Property Transfer

Other than that, both parties should seek an amicable settlement, which is relatively easy to achieve once all of the terms have been agreed. They should use a property transfer form, which will need to be registered with the state to be valid.

Next Steps

As you can see, mechanisms are in place to deal with divorce and how it may affect jointly owned assets. However, it is nonetheless important to make sure that the correct procedure is followed.

So, if you are in this situation, always engage the services of a divorce lawyer. They will be very familiar with the procedure and can help guide you through the process. If needed, they can also help you to draw up a caveat to protect an existing asset.