Act quickly if your former partner or spouse is selling their investment property and trying to keep the proceeds.

When a couple seperate, the division of assets can be a contentious area to resolve - especially if an asset such as an investment property is only in one person's name.

If your name is not on the title or on the loan/mortgage, the sale could go ahead without your knowledge or consent. That could result in your former partner receiving all the sale proceeds.

It is far better to prevent the sale from occurring than to chase the money paid to your former partner (or spent by them!). There are a few ways that you can prevent the sale going ahead.

1. You could register a Caveat over the property. You should obtain legal advice on whether you have a caveatable interest.
2. You could also request that your former partner sign an Undertaking (or a promise to the Court) not to deal with the sale proceeds without your prior permission. Breach of an Undertaking carries similar consequences to a breach of a Court order.
3. It may be appropriate to seek a Court order preventing the sale until your property settlement is finalised.

You need to act very quickly before it is too late. We recommend that you speak with one of our experienced Family Lawyers about which option is best for you.

For further information about property settlements please click here

*This information is current at the time of publication. For accurate legal advice, please contact Scammell & Co on 08 8440 270.