The Importance of Property Preservation in Family Law Cases
In family law cases, it's essential to understand the concept of property preservation, especially during the litigation process. This involves taking steps to ensure that assets owned by either spouse are protected and maintained throughout the legal proceedings.
Property preservation can take different forms. It can be limited to preserving the value of the property, allowing the owner to continue usual activities so long as the value remains intact. This could include buying and selling shares, running a company, or even selling or encumbering the property pending final determination or settlement.
Alternatively, the court can order the preservation of a specific property, forbidding it to be sold or encumbered in any way. Finally, the court can freeze assets such as bank accounts or stock trading accounts, prohibiting any dealings until further court order.
When seeking such an order, it's important to provide the court with specific information about the type of preservation order needed and the reasons why it is necessary. The resulting order needs to be precisely drafted, especially when it needs to be served upon third parties like banks who need clear instructions from the court to ensure they comply with the order appropriately.
Another method to preserve real property is to obtain a certificate of pending litigation. This certificate, once registered against the title to a property, warns all persons that the title to the property is in litigation and prevents dealings with respect to the property.
Understanding these legal mechanisms is crucial in family law cases where property and assets are often the main points of contention. Property preservation can play a significant role in ensuring a fair and equitable division of assets, safeguarding the financial interests of both parties involved.
THIS BLOG IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT NECESSARILY REFLECT THE VIEWS OF LAILNA DHALIWAL LLP.
The Content is offered free of charge strictly on an "as is" basis and is intended to provide users with general information only. Lailna Dhaliwal LLP does not warrant or guarantee the accuracy, completeness or fitness of the Content for any particular purpose.
The material provided on the Lailna Dhaliwal LLP/JSDLAW PC website is not intended to provide legal advice or opinions of any kind, and does not constitute legal advice.
No one should act, or refrain from acting, based solely upon the materials provided on this website, without first seeking appropriate legal or other professional advice.
Sending or receiving of these materials does not create a lawyer-client relationship.
Do not provide any confidential information to Lailna Dhaliwal LLP unless and until we have given you a written retainer agreement confirming that we can represent you.