receivership

Receivership: What Is It? Do We Need It In Our Divorce?

The most expensive purchase for most couples is their home. When they file for divorce, preserving the equity in that home becomes a natural priority. Equity can be a source of retirement income, starting over cash, or part of a property settlement. A "receivership" is when a family court judge places property under the court's control and appoints a person called a "receiver" to preserve it. The receivership stops lenders from foreclosing, attaching, garnishing, sequestering, or selling the property without the court's permission.
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