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Partition

Following the breakdown of a marriage or other form of relationship, the ex-partners will also usually wish to become financially independent of one another. For this reason the partition of the joint assets is the next step. It will usually be possible to divide movable property, such as the household contents or the car, in mutual agreement. However, the partition of other joint assets such as the jointly owned home or company stock will require a notarial deed. If you wish to continue the joint mortgage in your name only, or you wish to refinance the home because you will become the sole owner of the jointly owned home and are going to buy out your ex-partner, your bank will request that you provide a deed of partition.